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Learn How to Avoid These 6 Common Tax Errors

Knowing how you need to file your taxes depends on your income and filing status, as well as which deductions and credits you can claim. In this free ebook, we share some common errors to avoid.



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Why did I get a 1099-R tax form?

Why did I get a 1099-R tax form?

January 19, 2023
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I rolled over assets to an IRA. Will I pay tax on this?

IRS form 1099-R will be generated for any distribution from a retirement account. To know if your distribution is coded as a non-taxable direct rollover, look for the code “G” in box number 7. That will indicate a qualified rollover contribution into another plan, other than a Roth account.

You'll also receive form 5498 showing the off-setting contribution into the IRA. This form is for informational purposes only and typically gets mailed after April. Institutions will mail a copy directly to the IRS for you. 

For more information, please contact us or your accountant or visit https://www.irs.gov/pub/irs-pdf/i1099r.pdf