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January 14, 2014

Form 1099-R and rollovers


IRS Form 1099-R is used to report distributions that occur from IRAs , qualified employer plans  , 403(b) accounts and Governmental 457(b) plans.

A common misconception is that Form 1099-R should not be filed for distributions that are rolled over. If the distribution is timely and properly rolled over, the amount is still reported in your tax-return, However, it is reported as a nontaxable transaction. If the distribution was processed as a direct rollover, the payer is also required to indicate that the amount is nontaxable, because it was processed as a direct rollover. This is accomplished by inputting Code G’ in Box 7 of the Form 1099-R, and entering 0 (zero) in Box 2a.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.


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