Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Income — Retirement Income; Form 1040, Lines 15-16

Reporting IRA Distributions

Rollovers

Generally, a rollover is a tax-free distribution to the taxpayer from one retirement account (traditional IRA or employer's pension plan) that rolls over into a similar retirement account within 60 days.

Form 1099-R will be issued to the taxpayer by the financial institution. If it was a direct rollover by the institution to another institution, box 7 will contain code G. If there is no code G, ask the taxpayer if the full amount was redeposited into an appropriate account within 60 days. If it was not, the distribution may be partially or fully taxable; refer the taxpayer to a professional tax preparer.