Question

1099-R

Forum|Forum|5 years ago
February 11, 2021
1 reply
0 views

I received a 1099-R with code G on it. However, I rolled over a Roth IRA to another Roth IRA. Is it taxable and is code G correct?

AmyC

Employee

The G is the code for a rollover. This means there is no tax consequence to you, just reporting it to the IRS. Brokerage firms send the IRS your year end balance each year. This makes you legitimate instead of looking like money laundering or some other devious thing.

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N

nealspencerwilliamsAuthor

I put code G in Turbo tax and it is taxing me on the amount of the rollover.

macuser_22

Employee

@nealspencerwilliams wrote:

I put code G in Turbo tax and it is taxing me on the amount of the rollover.

What is on line 4b (taxable amount) on your 1040 form? It should be zero with the word ROLLOVER next to it.

**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.**