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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?

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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?

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3/19/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
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Customer reply replied 4 months 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."

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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.

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Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,746
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
Chad EA, CDFA®, CFP® and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months 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

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