Lumpsum CPF distribution rollover to traditional IRA account

Forum|Forum|1 year ago
April 9, 2025
1 reply
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How do I report this transaction on 1099-R form Box 7- code 7 "Normal distribution" and/or code G "Direct rollover of a distribution..."?

Ask the Experts - Tax Due - April 2025

AmyC

Employee

You will enter the 1099-R into the program and the program will ask you questions after entry. Follow these steps:

Open to the federal income section
Select 1099-R
Enter the 1099-R
Questions begin
Double check, IRA box is blank
Continue
Public Safety Officer, NO
Continue
Where is this from? usually None of the Above, but select the correct answer for you
Continue
Select From a qualified plan
What did you do?
Rolled it over
Continue
Periodic payments?
Select no
Continue
Withdrawal due to disaster?
Select NO
Continue

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WenHNAuthor

Thank you for your reply.

CPF is the Singapore government retirement savings plan. Hence, I'm currently at 1099-R section and not at where you've mentioned.

RobertB4444

When you get to the 1099-R section there is a box that says "I need to create a substitute 1099-R". Tick that box.

Then enter all of the information as though you had received a 1099-R. Since this is a rollover the entire amount goes in box 1 and box 2a should be zero. Box 7 should be G. The system will walk you through everything else.

Because you won't pay taxes on this transfer you aren't entitled to a foreign tax credit on it if you paid any taxes in Singapore.

@WenHN

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