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Level 3
posted Mar 16, 2023 12:49:44 PM

Amend 2022 Federal Tax

My 2000 Federal and Ca. state taxes have been filed and accepted. I have now realized that I neglected to include in my IRS 1040 form the roll over amount from a 401K from a previous employment to a Merrill Edge IRA account.  I received the 1099-R from the 401K, but I have not received the Form 5498 from Merrill Edge. Their website states that the forms are not mailed out until May 12 to June 30. Since the roll over was done in July 2022, I will not get that form any time soon. Since the IRS will be getting the Form 1099-R which shows the roll over amount, will IRS have enough information so that I won't be taxed on the full distribution amount, and do I still need to file an amendment?

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1 Best answer
Expert Alumni
Mar 16, 2023 1:17:24 PM

Yes, you should do an amendment to report your rollover because you received a 1099-R. 

 

As long you rolled over the full amount to a traditional IRA, the distribution shouldn't be taxable, but if it doesn't appear on your tax return, you will get an IRS letter. 

 

To amend your return in TurboTax online:

  1. Sign in to TurboTax using the same account you used to file your taxes.
  2. On the home screen, scroll down to Your tax returns & documents and select 2022.
  3. Select Amend (change) return, then Amend using TurboTax Online.
  4. On the screen OK, let's get a kickstart on your amended return, select the reason(s) you're amending and Continue.
  5. When you reach
  6. , select the topic you need to change.
  7. Once you have added your 1099-R, you will need to watch for the screen titled, "What did you do with the money from (your broker's name)?" Pick the first answer, "I moved the money to another retirement account."
    Pick the first answer to the next question, "I rolled over all of this money to an IRA or other retirement account."
  8. Follow the steps to complete and file your amended return.




 

4 Replies
Level 3
Mar 16, 2023 1:07:30 PM

Sorry, I meant to say that my 2022 taxes were filed and accepted.

Expert Alumni
Mar 16, 2023 1:17:24 PM

Yes, you should do an amendment to report your rollover because you received a 1099-R. 

 

As long you rolled over the full amount to a traditional IRA, the distribution shouldn't be taxable, but if it doesn't appear on your tax return, you will get an IRS letter. 

 

To amend your return in TurboTax online:

  1. Sign in to TurboTax using the same account you used to file your taxes.
  2. On the home screen, scroll down to Your tax returns & documents and select 2022.
  3. Select Amend (change) return, then Amend using TurboTax Online.
  4. On the screen OK, let's get a kickstart on your amended return, select the reason(s) you're amending and Continue.
  5. When you reach
  6. , select the topic you need to change.
  7. Once you have added your 1099-R, you will need to watch for the screen titled, "What did you do with the money from (your broker's name)?" Pick the first answer, "I moved the money to another retirement account."
    Pick the first answer to the next question, "I rolled over all of this money to an IRA or other retirement account."
  8. Follow the steps to complete and file your amended return.




 

Level 3
Mar 16, 2023 1:50:52 PM

Thank you for your prompt response. I am having trouble following the instructions and need further guidance. I have signed on to my turbo Tax account, but I can't find where to find "Home Screen."

Level 3
Mar 16, 2023 2:51:50 PM

Ok. I was finally able to figure it out and efile the amendments for Federal and Ca. It did not ask for any info from Form 5498, so I should be okay. Thanks for your help.