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Code G on1099-R Error


This is a code G (the funds were rolled over into my IRA) for gross distribution $9,525.18 with a taxable amount of $8,930.61. Why does Turbo Tax show I owe $220.00 in federal taxes when I did not receive the funds.  I rolled out the money from my 401K plan to an IRA plan. Please advise.  Thank you 

2 Replies
Level 15

Code G on1099-R Error

Delete the 1099-R and re-enter.   If this was NOT a Roth conversion be sure to answer NO to the two Roth questions and the default will be a Traditional IRA.  A code G rollover should not be taxable.


**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Level 15

Code G on1099-R Error

A nonzero amount in box 2a of a code G Form 1099-R implies to the IRS that the rollover was to a designated Roth account in the plan or to a Roth IRA and represents taxable income that should appear in your AGI.  If you indicate to TurboTax that the rollover was not to any type of Roth account, causing TurboTax to treat the rollover as nontaxable, anticipate the IRS to send a letter indicating unreported taxable income and a balance due.  If the rollover was to a traditional IRA or to a traditional account in qualified retirement plan, I suggest contacting the payer to obtain a corrected Form 1099-R.  If they refuse I would submit a substitute Form 1099-R (Form 4852) with a zero in box 2a and an explanation as to why the rollover is not taxable, although this will prevent e-filing, I believe.

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