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Did You rollover funds from your employer plan last year?...You'll receive a 1099R

The rollover is a reportable event on your income tax return. The 1099-R should reflect that the total amount was rolled over into your IRA, thereby making a nontaxable event.

Box 1 on your 1099 R would reflect the gross distribution

Box 2a would reflect that none of the amount is taxable since its been rolled over

Box 7 should reflect code "G"—Direct rollover of a distribution (other than a designated Roth account distribution) to a qualified plan, a section 403(b) plan, a governmental section 457(b) plan, or an IRA.

You should report on your form 1040 inbox 16a the gross distribution and in box 16b "none," since it has been rolled over.

Posted on Sunday, March 30 by Registered CommenterWise Owl | Comments Off