1099R CODE 7 ROLLED OVER

Forum|Forum|2 years ago
March 14, 2024
2 replies
10 views

I have a 1099R with code 7 where the client received the check and endorsed to another qualified plan. In proseries, do I just have to go down and mark entire amount rolled over? Is there something else that has to be marked. For example, I could not find a place to put in the date it was rolled over. It was rolled over within 30 days of receiving the check.

ProSeries Professional

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Best answer by IRonMaN

You just need to mark that it was rolled over. The software isn't worried about dates since it assumes that the client met the rollover requirements.

IRonMaNAnswer

Level 15

You just need to mark that it was rolled over. The software isn't worried about dates since it assumes that the client met the rollover requirements.

Slava Ukraini!

qbteachmt

Level 15

"and mark entire amount rolled over?"

Was there withholding on that distribution and this was a net check? If it was not made payable to the new plan/account, but to the taxpayer, you'll want to confirm they really put the entire amount in (had to make up the difference) the new plan/account.

You stated plan, not account. For example:

"Any taxable eligible rollover distribution paid to you from an employer-sponsored retirement plan is subject to a mandatory income tax withholding of 20%, even if you intend to roll it over later."

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