Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Will an IRA rollover reported on 1099-R affect our MAGI for…

Will an IRA rollover...

Will an IRA rollover reported on 1099-R affect our MAGI for Medicare and Social Security?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I understand that the IRS reports a taxpayer's MAGI to the SSA to determine the additional cost of Medicare or the reduction in Social Security benefits based on income levels. We rolled an 401K during 2017 and received a 1099-R with G in box 7. Will that amount be added to our AGI from the 1040 and reported to the SSA?

Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
3/19/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,180
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

Ask Your Own Tax Question
Customer reply replied 1 month ago
OK

The amount on the 1099 R you received with a distribution code of "G" will not be added to your AGI and will not be taxable this year.

Distribution code G is --"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."

Ask Your Own Tax Question

The non taxable portion of the distribution is reported on the 1040 line 15a. If there was a taxable amount, that amount would be reported on line 15b.

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,180
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
it won't be included in my MAGI for SSA use?

Correct, the amount will not be added to your Modified Adjusted Gross income for SSA use

Ask Your Own Tax Question
Was this answer helpful?
Ask Chad EA, CFP ® Your Own Question
Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,180
2,180 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

Chad EA, CFP ® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
VA form asks for adjusted gross income (disability form). We
VA form asks for adjusted gross income (disability form). We file joint; can we separate his income from mine for the form? How? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have a 1099-R that says I had a gross distribution of
I have a 1099-R that says I had a gross distribution of $1003.33. It is the only income I have other than about 19,691.00 from Social Security. How do I figure my tax liability on that amount so I can… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
828 satisfied customers
How do I exclude my 1099-R early retirement distributions
How do I exclude my 1099-R early retirement distributions from tax and penalty (under 10k distributed) that went towards a first home purchase? What's the form that exempts this distribution from inco… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I was notified by IRS that I had omitted a 1099-R (401k
I was notified by IRS that I had omitted a 1099-R (401k distribution) from my 2016 tax return. I do not have the 1099-R, and do not think I ever received it. But it does show up on my 401k account web… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Adjusted gross income of 79084, single, over 65. How much is
adjusted gross income of 79084, single, over 65. How much is my tax … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
I have Adjusted Gross Income of 4332., I had kind of a lean
I have Adjusted Gross Income of 4332. , I had kind of a lean year with me using some savings, I do not have a record of how much. It takes about 10,000 to help me through a year like this I do not kno… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
My adjusted gross income is $13,539. $8560 from a pension
My adjusted gross income is $13,539. $8560 from a pension from my ex-husband, $14204 from SS and $4706 from a bank I retired from which I will no longer be receiving. Do I need to pay taxes on my Soc … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Where do I get a copy of my 1099 r with the taxable amount
where do I get a copy of my 1099 r with the taxable amount unknown and it has a distribution of number 4? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
I received a 1099-R for pension distribution which
I received a 1099-R for pension distribution which incorrectly reported in Box 13 that I am a resident of CT. I am a resident of FL. The Disbursement reissued a 1099-R. labeled "Revised" correctly sho… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
FORM 1099-R FROM MY 401K HAS A CODE OF 1 EARLY DISTRIBUTION
FORM 1099-R FROM MY 401K HAS A CODE OF 1 EARLY DISTRIBUTION AND I BELIEVE THAT IT SHOULD BE WITH EXCEPTION DUE TO ME SEPERATING FROM COMPANY AND WOULD LIKE TO KNOW HOW TO APPLY THIS EXCEPTION TO MY RE… read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,180 satisfied customers
I need my adjusted gross income from the taxes I filed last
I need my adjusted gross income from the taxes I filed last year with TurboTax I do not have a copy of return … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
If my adjusted gross income is less than 10,000.00 dollars
If my adjusted gross income is less than 10,000.00 dollars I'm single over 65 not working anymore do I need to file a tax return?? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
R. it's about a liquidating distribution which I got (1099
hi .. it's about a liquidating distribution which I got (1099 DIV) but it's about 50% less than what I originally put in. Should I still wait for some form / how to report this? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
I NEED MY 2016 ADJUSTED GROSS INCOME. I NEED GROSS INCOME TO
I NEED MY 2016 ADJUSTED GROSS INCOME JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: I NEED GROSS INCOME TO FILE 2017 TAXS JA: Is there anything else … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
I'm retired, about 24,000, adjusted gross income for 2017. I
I'm retired, about 24,000, adjusted gross income for 2017. I am going to sell my owner occupied duplex that I've had for 29 years. I rented half for a few years, but haven't rented it in over 10 years… read more
Carter McBride
Carter McBride
LLM
983 satisfied customers
My gross distribution is 74K+. My taxable amount is 24K+
My gross distribution is 74K+. My taxable amount is 24K+ because of a 62 percent disability rating when I retired. My amount due is over 8,000. Why. How can I not be penalized for being disabled? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Under the new tax plan if my federal adjusted gross income
Under the new tax plan if my federal adjusted gross income is $77,230.00 how much are my federal taxes? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
On line 37 my 2015 Form 1040 I had an adjusted gross income
On line 37 my 2015 Form 1040 I had an adjusted gross income of $291,546. on my Amended 1040X for 2015 I have taxable income of $179,542. How do I get proof of this to get an adjusted MAGI to give to M… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,962 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x