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Pennsylvania IRA indirect rollover question

Forum|Forum|4 years ago
February 15, 2022
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Took an IRA from one bank and 100% rolled over to another IRA, at another financial institution within a week. TT seems fine with federal side, however PA state side showing taxes owed, on money i didn't receive, even though in the section "State code" the "Rollover" option was selected. (should it be something else?)

1099R Box 7 = 1

Any suggestions would be appreciated.

John

Best answer by RobertB4444

The Box 7 code "1" is for an early withdrawal with no exception. Your 1099-R should have had a code "G" in box 7 and no taxable amount in box 2a. I suggest you go back to your financial institution and request a changed 1099-R or you will have the IRS and PA asking for more info.

R

RobertB4444Answer

The Box 7 code "1" is for an early withdrawal with no exception. Your 1099-R should have had a code "G" in box 7 and no taxable amount in box 2a. I suggest you go back to your financial institution and request a changed 1099-R or you will have the IRS and PA asking for more info.

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J

Johnny28Author

Thanks for reply.

Box 2A does have a taxable amount.

Since this was a indirect rollover and I personally took the check (full amount) to another institution, then redeposited. Should the new institution provide paperwork, proving the said amount was redistributed into a qualifying plan?