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1099R, code G
Old 01-19-2012, 10:09 AM   #1
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1099R, code G

My DW retired the first of last year. Our investments and her retirement and IRAs were with Fidelity, and still are. Yesterday we received a couple of 1099R's which stated IRA distributions for the full amount of her IRAs. Well, we did not take a distribution, but did an IRA rollover. I assume I file these, on my taxes, the same as my 1009R and that when I put in the code G it will signify that no distribution was taken from the IRA. And I would have no tax consequences? I am sure someone on here has had this same thing happen to them. Thanks for you help.
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Old 01-19-2012, 10:10 AM   #2
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http://www.irs.gov/pub/irs-pdf/f1099g.pdf

Quote:
This form is provided for informational purposes only. Copy A appears in red, similar to the
official IRS form. Do not file copy A downloaded from this website. The official printed
version of this IRS form is scannable, but the online version of it, printed from this website, is
not. A penalty may be imposed for filing forms that can’t be scanned. See part O in the
current General Instructions for Certain Information Returns for more information about
penalties.
To order official IRS forms, call 1-800-TAX-FORM (1-800-829-3676) or Order
Information Returns and Employer Returns Online, and we’ll mail you the scannable
forms and other products.
See IRS Publications 1141, 1167, 1179 and other IRS resources for information about
printing these tax forms
Quote:
Instructions for Recipient
Recipient's identification number. For your protection, this form may show
only the last four digits of your social security number (SSN), individual taxpayer
identification number (ITIN), or adoption taxpayer identification number (ATIN).
However, the issuer has reported your complete identification number to the IRS
and, where applicable, to state and/or local governments.
Account number. May show an account or other unique number the payer has
assigned to distinguish your account.
Box 1. Shows the total unemployment compensation paid to you this year.
Combine the box 1 amounts from all Forms 1099-G and report the total as
income on the unemployment compensation line of your tax return. Except as
explained below, this is your taxable amount. If you are married filing jointly,
each spouse must figure his or her taxable amount separately. If you expect to
receive these benefits in the future, you can ask the payer to withhold federal
income tax from each payment. Or, you can make estimated tax payments. For
details, see Form 1040-ES. If you made contributions to a governmental
unemployment compensation program or to a governmental paid family leave
program and received a payment from that program, the payer must issue a
separate Form 1099-G to report this amount to you. If you itemize deductions,
you may deduct your contributions on Schedule A (Form 1040) as taxes paid. If
you do not itemize, you only need to include in income the amount that is in
excess of your contributions.
Box 2. Shows refunds, credits, or offsets of state or local income tax you
received. It may be taxable to you if you deducted the state or local income tax
paid on Schedule A (Form 1040). Even if you did not receive the amount shown,
for example, because it was credited to your state or local estimated tax, it is
still taxable if it was deducted. If you received interest on this amount, you
should receive Form 1099-INT for the interest. However, the payer may include
interest of less than $600 in the blank box next to Box 9 on Form 1099-G.
Regardless of whether the interest is reported to you, report it as interest
income on your tax return. See your tax return instructions.
Box 3. Identifies the tax year for which the box 2 refunds, credits, or offsets
shown were made. If there is no entry in this box, the refund is for 2011 taxes.
Box 4. Shows backup withholding or withholding you requested on
unemployment compensation, Commodity Credit Corporation (CCC) loans, or
certain crop disaster payments. Generally, a payer must backup withhold on
certain payments if you did not give your taxpayer identification number to the
payer. See Form W-9 for information on backup withholding. Include this
amount on your income tax return as tax withheld.
Box 5. Shows alternative trade adjustment assistance (ATAA) and/or
reemployment trade adjustment assistance (RTAA) payments you received.
Include on Form 1040 on the “Other income” line. See the Form 1040
instructions.
Box 6. Shows taxable grants you received from a federal, state, or local
government.
Box 7. Shows your taxable Department of Agriculture payments. If the payer
shown is anyone other than the Department of Agriculture, it means the payer
has received a payment, as a nominee, that is taxable to you. This may
represent the entire agricultural subsidy payment received on your behalf by the
nominee, or it may be your pro rata share of the original payment. See Pub. 225
and the Instructions for Schedule F (Form 1040) for information about where to
report this income. Partnerships, see Form 8825 for how to report.
Box 8. If this box is checked, the amount in box 2 is attributable to an income
tax that applies exclusively to income from a trade or business and is not a tax
of general application. If taxable, report the amount in box 2 on Schedule C or F
(Form 1040), as appropriate.
Box 9. Shows market gain on CCC loans whether repaid using cash or CCC
certificates. See the Instructions for Schedule F (Form 1040).
Boxes 10a–11. State income tax withheld reporting boxes.
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Old 01-19-2012, 10:24 AM   #3
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I am talking about a 1099R, with a block 7, distribution code of G. Not a 1099G.
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Old 01-19-2012, 10:25 AM   #4
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G - Direct rollover and rollover contribution
Use Code G for the direct rollover from a qualified plan (including a governmental section 457(b) plan) or tax-sheltered annuity to an eligible retirement plan (another qualified plan, a 403(b) plan, or an IRA). For details, see Direct rollovers on page R-3 of the IRS instructions for Form 1099-R and 5498. Also use Code G for certain distributions from conduit IRAs to an employer plan and IRA rollover contributions to an accepting employer plan. For details, see Conduit IRAs on page R-2 of the IRS instructions for Form 1099-R and 5498.
Don't use Code G for a direct rollover from a designated Roth account to a Roth IRA. Use Code H.

You should be ok for direct rollovers.

http://www.ceridian.com/freedom/arti...-54545,00.html
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Old 01-19-2012, 10:52 AM   #5
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Quote:
Originally Posted by BillNOVA View Post
My DW retired the first of last year. Our investments and her retirement and IRAs were with Fidelity, and still are. Yesterday we received a couple of 1099R's which stated IRA distributions for the full amount of her IRAs. Well, we did not take a distribution, but did an IRA rollover. I assume I file these, on my taxes, the same as my 1009R and that when I put in the code G it will signify that no distribution was taken from the IRA. And I would have no tax consequences? I am sure someone on here has had this same thing happen to them. Thanks for you help.
Back in 2008, I had to liquidate my 401(k) after I ERed but I had several different sources of money in that plan. I received two 1099-R forms which together described the different portions of the money I had in the plan and what I did with each of them. One of the portions included all the pretax contributions, company match, and earnings on all of that as well as the earnings on some after-tax contributions I made in the mid-1990s (before the Roth RA was invented). I did a direct rollover using all the untaxed moneys into an IRA, so on its 1099-R form I had a Distribution Code of G in Box 7. That amount was part of the total amount I wrote on Line 15a (now 16a?) of my 1040 form but was NOT included on Line 15b (now 16b?), the line which is subject to income taxes.

You should also be aware that Form 1099-R is not only for IRA distributions but, as it says on the form itself, "Distributions, Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc."

I hope you find this helpful.
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