1099R CODE 7 ROLLED OVER

[dr58lj15]

I have a 1099R with code 7 where the client received the check and endorsed to another qualified plan.   In proseries, do I just have to go down and mark entire amount rolled over?   Is there something else that has to be marked.   For example, I could not find a place to put in the date it was rolled over.   It was rolled over within 30 days of receiving the check.

[IRonMaN · Accepted solution]

You just need to mark that it was rolled over.  The software isn't worried about dates since it assumes that the client met the rollover requirements.

[qbteachmt]

"and mark entire amount rolled over?"

Was there withholding on that distribution and this was a net check? If it was not made payable to the new plan/account, but to the taxpayer, you'll want to confirm they really put the entire amount in (had to make up the difference) the new plan/account.

You stated plan, not account. For example:

"Any taxable eligible rollover distribution paid to you from an employer-sponsored retirement plan is subject to a mandatory income tax withholding of 20%, even if you intend to roll it over later."