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Why did I get a 1099-R tax form?

Why did I get a 1099-R tax form?

February 01, 2024

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 to the IRA. This form is for informational purposes only and typically gets mailed in May, to capture any prior-year IRA contributions made before the tax filing deadline. 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


Please note: this information is strictly to help assist in preparation to file taxes. Specific questions should be directed to a tax professional. 

If you are interested in future Tax Planning, check out the services we offer here: https://www.planningforgood.financial/tax-planning