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OK, what is "Distribution Code G" on the tax form?
Thanks ahead of time, if you can educate me. This was a 100% cash-out from a 403b which was not sent directly to the IRA mutual fund of our choosing, but to us--- because lovely, gorgeous MassMutual refuses to do such a thing. We, in turn, sent the money directly into our T-IRA mutual fund of choice: BRUFX. And everything since then is going swimmingly.
June 5, 2019 10:22 PM Code G means direct rollover and it will not be taxed at all. You don't need to enter where you moved it. But just to warn you the Income Summary and Review screens will show the full amount as income and make it look like it's being taxed. But it's not, you have to look at the actual 1040 or 1040A and see that the taxable amount is zero and has the word ROLLOVER by it.
Comments
June 5, 2019 10:22 PM
Code G means direct rollover and it will not be taxed at all. You don't need to enter where you moved it. But just to warn you the Income Summary and Review screens will show the full amount as income and make it look like it's being taxed. But it's not, you have to look at the actual 1040 or 1040A and see that the taxable amount is zero and has the word ROLLOVER by it.
Stay Safe, Derf