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April 6, 2024
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Does the IRS tax on a 1099R (code G-direct rollover)? I used Turbo Tax and it's referenced that the direct rollover amount for 2023 was taxed.

  • April 6, 2024
  • 1 reply
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Best answer by SteamTrain

@janf748751 

It is taxed...if you indicated it went to a ROTH account on one foo the follow-up pages after the main form.

 

IF it went  directly into a traditional IRA, then you do NOT indicate it went into any kind of ROTH account on the pages that follow the main form.

_____________

Now, on them menu page, it may show you entered the direct transfer $$$ amount, but it doesn't indicate whether it was taxed or not...for that you need to look at lines 4a,b or 5a,b on the actual form 1040.

 

 

 

1 reply

SteamTrain
Employee
April 6, 2024

@janf748751 

It is taxed...if you indicated it went to a ROTH account on one foo the follow-up pages after the main form.

 

IF it went  directly into a traditional IRA, then you do NOT indicate it went into any kind of ROTH account on the pages that follow the main form.

_____________

Now, on them menu page, it may show you entered the direct transfer $$$ amount, but it doesn't indicate whether it was taxed or not...for that you need to look at lines 4a,b or 5a,b on the actual form 1040.

 

 

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*