1099-R with no tax consequence

[TheWizard]

I did a partial rollover from my 403(b) to my tIRA last year and got a 1099-R with distribution code G, a nontaxable event.
Should I even bother to punch this in to my tax return software?
If so, why?

 

[Koolau]

I don't know, but wouldn't it help you leave a foot print of where your money was and now is for future reference in case the IRS wants to know about your next move with these funds?? Just thinking out loud.

 

[pjm-7]

Like a number of tax forms, it is not taxable but is reportable. The couple of extra keystrokes won't take much time. It could just head off any questions down the road.

 

[cathy63]

Yes, because the IRS does automatic document matching, and a missing 1099-R can kick your return out for a human to look at. You generally want to avoid having a human look at your return if possible since it can delay your refund and generate a letter that you have to respond to.

Also, a code G rollover might be taxable or non-taxable. It depends what's in box 2, so it's better to enter it so they can see what's in box 2.

 

[rembrandt]

Like a number of tax forms, it is not taxable but is reportable. The couple of extra keystrokes won't take much time. It could just head off any questions down the road.

Yes, shortcuts usually turn out badly.

 

[jebmke]

yes; report it. Without reporting it there is a significant chance that the WOPR that does the matching at the end of the year will flag the amount as taxable and send you a nastygram from the service. You will be able to reply but save your self the hassle and report it on your 1040.