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April 1, 2023
Question

ROLLOVER

  • April 1, 2023
  • 1 reply
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I rolled over my IRA from my previous employer to a new IRA.  I received a 1099-R and line 7 was a G but turbo tax treated it as if I received the money.  I did not.  I rolled it over to another IRA.  How to I get turbo tax to not report it as money received.

 

    1 reply

    Employee
    April 1, 2023

    Distribution code G is a direct (trustee to trustee) rollover. You do not pay any tax on it. The gross distribution will be included on Form 1040 line 15a or Form 1040A line 11a, but nothing will be added to line 15b or 11b, which is the taxable amount.

    Employee
    April 1, 2023

    That should say that the gross amount must be included on Form 1040 line 5a but will be excluded from line 5b.