1099-R Question

Ichigo_2016

Hi everyone, first time poster.

I am working on filing my taxes and I have three different 1099-R forms. One is from a distribution that I got direct deposited to me, and the other two were direct rollovers to retirement plans with my new employer.

That being said, for the direct rollover into a new retirement plan, it asks the following question:

Is this 1099-R a rollover from a 401(k), 403(b), or governmental 457(b) plan to a designated Roth 401(k), 403(b), or 457(b) plan?

I wasn't sure I would answer yes for this question and move on, or not. It does have a code G in Box 7 if that helps as well.

Thank you!

GeorgeM

Hello Ichigo_2016:

Answer the question about rollovers with a “Yes.” You are correct in that Code G in Box 7 of your 1099-R indicates a direct rollover of funds from a qualified retirement plan (like a 401(k) or 403(b)) to another qualified plan or an IRA.

While rollovers of this type are non-taxable, nonetheless, you should still see the rollover amount reported on Form 1040, line 4a (IRA) or 5a (Pensions/401k), with the word "Rollover" written next to it. The taxable amount on line 4b or 5b should reflect a $0 or it may be blank. If line 4b or 5b should reflect your rollover, or some part of it, as taxable, respond back to this post with additional information, or you could start a chat with one of our Tax Pros who can review your account and provide additional guidance.