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Level 2

How do I file a 1099r Early Retirement withdrawal I didn't know I had?

I received a form 1099R from a former employer. I didn't even know I had been signed up for a retirement plan. When I left my employer I did receive a check from this mystery retirement account and now I'm paying taxes on it. Turbotax doesn't have any info on this kind of situation. Help?

9 Comments
Employee Tax Expert

How do I file a 1099r Early Retirement withdrawal I didn't know I had?

Enter the 1099-R form as it is reported and answer the follow up questions. To enter:

 

Online versions:

  • Sign into your tax return and select the 'take me to my return' button
  • Type '1099-r' in the search box, then select the 'jump to' link

Enter the form details with the box 7 distribution codes and answer the following interview questions.

 

For desktop versions: 

  • Open your return then type '1099-r' in the Find box and select the 'jump to' link
  • Enter your form details and answer the follow up interview questions
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Level 2

How do I file a 1099r Early Retirement withdrawal I didn't know I had?

That doesn't help. How do I explain that I received this when I left my employer? How do I fight having to pay taxes on this thing?

Employee Tax Expert

How do I file a 1099r Early Retirement withdrawal I didn't know I had?

What do you mean fight to pay taxes? If you received a distribution, taxes are owed unless you rolled it into another retirement account within 60 days of receiving it. What is your box 7 distribution code?

Level 6

How do I file a 1099r Early Retirement withdrawal I didn't know I had?

I had the same issue with the last year 2018 withdraw money from 401k when I left an employer. I got the 1099R form with details but it only shows the distribution code(s) G. I don't understand what actually input there. If anyone can help me, I would be very happy! 

Thank you for help. 

Level 5

How do I file a 1099r Early Retirement withdrawal I didn't know I had?

Rolled over 401(k) to new company but also received money because we contributed too much into our 401(k)

 

We have received 1099R forms

 

When asked Where is this distribution from?  What do we select?

 

Military pension or survivor's benefits ~ does not apply

Disability benefits (under age 65 only) ~ does not apply

There year rule pension or 401(k) benefits ~ Not sure

General rule pension or 401(k) benefits ~ Not sure

None of the above ~ Not sure

 

 

Level 11

How do I file a 1099r Early Retirement withdrawal I didn't know I had?

there are multiple people asking questions, so it's confusing what the issues are.

 

with respect to Code G, just type in the information into turbo tax...only what is on Line 2a is taxable. Line 1 is the amount rolled over. 

Level 6

How do I file a 1099r Early Retirement withdrawal I didn't know I had?

Yeah, I typed in what in the Line 1 amount to the Line 2a. It doesn't affect any of my tax refunds! 

my situation is a little different I guess, let me explain what has happened. 

 

In 2018,  former employer switched 401k plan with a different company (i.e. A) they transfer all my 401k money to a new company (i.e. B) before I left. Long time I had unemployed some reason, later  I got the notice from a new company (B) my 401k money has transferred. I contacted them they said it's now with an old company (A) and I withdrew from a company (A) with all early withdraw fees, penalty and taxes, now I got 1099-R from a new company and payers' name is a new company (B) only amount in Line 1: xxx.xx, Line 2a: $00.00, Line 7 Distribution code: G and other fields all empty.

 

Here's a confusion for me, when I try to put my information into TurboTax 1099-R  section there are a bunch of fields and only, I have a few fields has a value, at this time should I leave empty there as well or need to contact again who send me the 1099-R?

 

If there is any mistake and not understanding my situation let me know. I'm ready to updates.

 

Thanks!

Level 11

How do I file a 1099r Early Retirement withdrawal I didn't know I had?

rrai - 

 

just copy the numbers exactly how they are on the piece of paper into Turbo tax.  Many of the field will be blank and that is okay.

 

$xxxx.xx from line 1 will end up on line 4a of Form 1040 - this reflects the rollover only - no tax impact 

$0.00 from line 2a will end up on line 4b of Form 1040 - this reflects what is taxable, but obviously nothing is. 

 

there is not going to be an impact on the tax refund (or the taxes owed) because line 2a of the 109-R form is zero.

 

I am not really following all the movement you are describing between companies A and B, but if you actually received the cash from the 401(k) and kept it, I suspect there is another Form 1099-R that will arrive shortly from Company A (the form you have received is from Company B, right?).  These firms are supposed to send 1099-R's by January 31st.

Level 6

How do I file a 1099r Early Retirement withdrawal I didn't know I had?

I guess you're correct. I've received 1099-R from a company 'B' that was the rollover to the company 'A' and company 'B' sent me the only rollover amount, not other fields(Line 2a: 0, etc). I'm still waiting next 1099-R from a company 'A'  though thank you so much your time and answer.