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Level 1
posted Feb 17, 2021 12:43:59 AM

Received a late 1099-R done filing federal and state but trying to roll over is it still possible and amend correctly?

Company that I worked for went bankrupt while I got busy looking for a new job and house. Months later I called transamerica and was told that my 401k got transfered to another retirement company and they are going to give me a lumpsum from my old 401k. I wanted to rollover this to my new job 401k and received a late 1099-R distribution code 1. The amount is also the same taxable amouny.I dont really wanna use or keep the money because I dont wanna pay taxes and penalty can I still rollover this to my new 401k or IRA and ammend this correctly ? Thank you

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1 Replies
Expert Alumni
Feb 17, 2021 6:31:30 AM

Generally, if the distribution from the 104k paid directly to you, you can deposit all or a portion of it in an IRA or a retirement plan within 60 days. If taxes were withheld from the distribution then you’ll have to use other funds to roll over the full amount of the distribution.

 

If you were directly impacted by the pandemic then the time to return the money is extended to 3 years. 

 

You qualify if:

  • You, your spouse, or your dependent are diagnosed with COVID-19
  • You experience adverse financial consequences as a result of being quarantined, furloughed, or laid off or having work hours reduced because of COVID-19
  • You’re unable to work due to child care closure or hour reduction because of Covid-19
  • You experience adverse financial consequences as a result of closing or reducing hours of a business that you own or operate due to SARS-CoV-2 or COVID-19.

 

You will want to wait until your refund or payment is processed. Please be aware that you can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail. Please see FAQ How to amend a tax return for instructions.

 

Please see the links below when Form 1040X is available:

 

To amend you return please follow these steps to enter the rollover of the distribution:

  1. Login to your TurboTax Account 
  2. Click on the Search box on the top and type “1099-R”
  3. Click on “Jump to 1099-R” and enter your 1099-R
  4. Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  5. Continue answering the questions.