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 distributionBOX 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 amountBOX 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/TotalDistBOX 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 withheldBOX 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

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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