1099 with wrong code?

[TheOtherMe]

It should have been a Code G if it was a direct rollover.

You need to contact the institution who issued the 1099-R and get it corrected.

[mwcpa]

in the meantime gather the documents that show the money was rolled into another plan.... did the bank provide their advise in writing?

we all know banks often give tax (and other) advise without the proper qualifications, so be careful in the future and consult a knowledgeable person in the future..... if I could count the times clients come in with information provided by the friendly banker who does not know all the facts so they can sell a product... just this year a client did a IRA to Roth conversion... I never got a call.... the banker said this was the greatest thing since sliced bread and she did it.... the math did not work... she had to get it fixed.... the banker got his commission though....

[TheOtherMe]

G - Direct rollover and rollover contribution

Use Code G for the direct rollover from a qualified plan (including a governmental section 457(b) plan) or tax-sheltered annuity to an eligible retirement plan (another qualified plan, a 403(b) plan, or an IRA). For details, see Direct rollovers on page R-3 of the IRS instructions for Form 1099-R and 5498. Also use Code G for certain distributions from conduit IRAs to an employer plan and IRA rollover contributions to an accepting employer plan. For details, see Conduit IRAs on page R-2 of the IRS instructions for Form 1099-R and 5498.

Don't use Code G for a direct rollover from a designated Roth account to a Roth IRA. Use Code H.

In the technical language.

[TheOtherMe]

Good luck.

[TheOtherMe]

Congratulations!