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January 15, 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. However, a distribution is still reported in your tax return even if the distribution is timely and properly rolled over but would be reported as a nontaxable transaction. 

If the distribution was processed as a direct rollover, the payer must 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 Form 1099-R and entering 0 (zero) in Box 2a.


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