1099-R mistaken reporting code 7 vs code G.

[AZ-Tax]

1099-R mistaken reporting code 7 vs code G. I suppose the correct route to go is request a corrected 1099-R but I recall in past entering the Code G and then attaching an explanation. Your thoughts.

[RitaB]

Well, here goes

1099-R mistaken reporting code 7 vs code G. I suppose the correct route to go is request a corrected 1099-R but I recall in past entering the Code G and then attaching an explanation. Your thoughts.

I would do the return correctly, you'll have "Rollover" over there on the left. If that's not clear enough, you can respond to the letters later. Perhaps you can attach an explanation if you like. Meanwhile request the proper coding if it's incorrect. You'll only get a G in that box if there was a direct rollover to another account custodian. If your client took possession, the code is correct as far as the one who issued the form is concerned.

[Burke]

I suppose you do have verification that it indeed was a rollover? Like a statement from the receiving institution that it was received and a date? 5498 should show Rollover Contributions.

[FEDUKE404]

More facts needed

Was it an institution-to-institution transfer, that would justify code G, or was it "distributed" to the client who later rolled it over within the IRS time guidelines?

If the latter, hope no tax withholding occurred or client might not have rolled over everything.

For simplicity sake, I would just go with what is on the existing Form 1099-R. Whether code G or code 7 with software instructed that rollover occurred, what shows up on Form 1040 is exactly the same either way.

However, I would NEVER enter incorrect information from the Form 1099-R "just to make things work." That is not a good idea for several reasons. . . . .

FE

[taxea]

report the 1099 as is and adjust it to show a rollover if you have documentation to prove the rollover.