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I rolled the fund from my old 457b into my new 457b (same company). It's coded as a total distribution and G on box 7 of the 1099-R. Am I going to have to pay taxes?

Forum|Forum|7 years ago
June 4, 2019
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I'm still contributing to the current 457b with no other distributions. I changed employers from one public agency to another.

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Best answer by DanielV01

No, you will not pay taxes on this rollover. If you notice box 2 on the 1099-R, it should have a zero in it. This is the taxable amount. The rollover does have to be reported to the IRS, however, so you will see the amount on the tax return, but you will see a zero in the taxable amount column of either Form 1040 or 1040A.

DanielV01Answer

Employee

No, you will not pay taxes on this rollover. If you notice box 2 on the 1099-R, it should have a zero in it. This is the taxable amount. The rollover does have to be reported to the IRS, however, so you will see the amount on the tax return, but you will see a zero in the taxable amount column of either Form 1040 or 1040A.

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