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TaxTom
TaxTom, Internet Researcher
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My wife and I made a direct rollover of our 403(b)(7) accounts

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My wife and I made a direct rollover of our 403(b)(7) accounts into a traditional IRA. This is a non-taxable event, of course. We each received 1099R forms that indicated in Box 2a that the T"axable amount" is $0.00. The distribution code in Box 7 is "G" which, on the back of form 1099R, signifies "Direct rollover of a distribution (other than a desgnated Roth account distribution) to a qualified plan, a section 430(b) plan, a governmental 457(b) plan, or an IRA). Since there is no "Taxable amount" to report (line 16b of the 2010 1040 tax form), do we still need to report the amount on line 16a "Pensions and annuities"?
Submitted: 3 years ago.
Category: General
Expert:  TaxTom replied 3 years ago.

TaxTom :

Hello, Yes I would report the rollover even though it is not a taxable event. This just clarifies that it was rolled over. Thanks Tom

TaxTom :

Hello, Here is the actual infromation from the IRS publication 590 Reporting rollovers from employer plans. Enter the total distribution (before income tax or other deductions were withheld) on Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a. This amount should be shown in box 1 of Form 1099-R. From this amount, subtract any contributions (usually shown in box 5 of Form 1099-R) that were taxable to you when made. From that result, subtract the amount that was rolled over either directly or within 60 days of receiving the distribution. Enter the remaining amount, even if zero, on Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. Also, enter "Rollover" next to line 16b on Form 1040; line 12b of Form 1040A; or line 17b of Form 1040NR.

Customer:

Thanks, Tom. Since both of the 1099R forms that we received from the first custodian indicate that the funds were a direct rollover (e.g., the money was transferred directly from one custodian to the other and therefore not to me or my wife), would that not in itself be clarification that it was rolled over? Oops - you just now sent me your second comment as I am typing this, so I will go ahead and send this reply anyway.

TaxTom :

Yes but the IRS still request you report it on your tax return. Tom

Customer:

Thanks so much for your time and expertise, Tom.

TaxTom :

Your Welcome

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