NYS Teachers 403b Rollover to a Traditional 403b IRA

Forum|Forum|4 years ago
March 25, 2022
1 reply
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in 2021, we moved part of her NYS Teachers retirement 403b (from Voya Retirement Insurance & Annuity Co.) to a Fidelity traditional IRA rollover.

When entering the 1099R, the code in box 7 is G=Direct Rollover & Rollover Contribution with the IRA/SEP/SIMPLE box not checked, with the boxes not checked in 2a or 2b, no Fed Tax withheld (box 4) and no amounts shown for NYS withholding (box 14) & distribution (box 16). When asked "Where is this Distribution From?", I clicked the radio button that says, "New York State & City Education".

What concerns me is the rolled over amount shows up as a gross distribution. If it is rolled over (funds went directly from Voya to Fidelity, why does it show as a distribution similarly to other IRA's where I took normal distributions? Have I miss characterized the transaction?

It does not appear as though there is a taxable event, but I want to make sure I am selecting the right codes/choices to properly code the transaction as a permissible Rollover with a non-taxable event. I also received a Form 5498 from Fidelity for the Rollover IRA that received the funds.

TurboTax Home & Biz Windows

DaveF1006

Yes, this should not be a taxable event. Since you are using Turbo Tax software:

Go to the forms mode.
Check Boxes 5a & 5B. If the rollover was successful, there should be an amount in 5A but not 5B.
There also should be the word rollover in the 5B dotted line.
If you are not seeing this, then you need to go back and edit your entry.

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BobR4Author

Line 5 of my 1099R says the following.

5-Employee Contribution/Designated Roth Contributions or Insurance Premiums. There is a box for an amount to be entered.

Thus, the Turbo Tax forms page does not allow such options on line 5 of 1099R. Nor does my 1099R form from Voya have an entry on line 5 nor check boxes 5a 0r 5b.

However, there are no Check boxes 5a or 5b. Is it possible that Voya sent me the wrong 1099R form?

Thank you for your comments. Any additional assistance is greatly appreciated.