2012 Form 1099-R IRA & QRP Direct Rollover & Rollover Crib Sheet: Solo 401k | Self Directed Solo 401k

Direct-Rollover

Traditional/SEP/SIMPLE IRA

Reporting IRA Direct-Rollover to a Solo 401k

1099-R Issued but not taxable

Rollover

Traditional/SEP/SIMPLE IRA

Reporting IRA Rollover to a Solo 401k

1099-R Issued but not taxable if rolled over within 60 days to Solo 401k

Transfer (Trustee-to-Trustee-Transfer) 401k, 403b, PSP, 457b

Reporting 401k, 403b, 457b, TSP to Solo 401k

1099-R Issued but not taxable

BOX 1 Gross distribution BOX 1 Gross distribution
  • Reports gross direct rollover amount
  • Reports total value of all distributions taken for same reason during 2011.
  • Reports all amounts withheld for federal and state income taxes.
Same Reporting as Direct-Rollover (column  one of this chart)
BOX 2a Taxable amount BOX 2a Taxable amount
  • Zero (-0-) is entered since distribution is payable directly to employer plan such as a Solo 401k
  • Same amount listed in Box 1 appears here
BOX 2b Taxable amount not determined/TotalDist BOX 2b Taxable amount not determined/TotalDist
  • “Taxable amount not determined” should be checked
  • Check box titled “Total distribution” if distribution totally depletes the IRA ,SEP, SIMPLE
” “
BOX 4 Federal income tax withheld BOX 4 Federal income tax withheld
  • No amount should be listed
  • Amount may be listed if you elected tax withholding on IRA distribution form
BOX 7 Distribution code(s) BOX 7 Distribution code(s)
  • Code G -direct rollover of a distribution to a qualified plan such as a Solo 401k | Individual 401k, should be entered
  • If under age 59 1/2 Code 1-Early distribution
  • If age 59 1/2 or over, Code 7-Normal distribution
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  • About MySolo401k

    We help our clients take control of their retirement money. Our products and services provide our clients the freedom to invest their retirement savings in their own business as wells as alternative investments such as real estate, private companies, promissory notes, precious metals, tax liens and equities.
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