Kelly Thomas C
Employee Tax & Finance Expert

Get your taxes done using TurboTax

It's a bit unclear what you did. But let me say this: 1) a rollover and a withdrawal are two separate and distinct transactions. For example, if you transfer money from your checking account to your savings account, this transaction is treated differently than if you take funds out (withdrawal) of your checking account. 2) Rollovers are like checking account transafers. The are non-taxable provided you have transfered from one type of account (IRA/401k) to another similar account (IRA/41k). If you rolled it over from IRA/401k to Roth, this is taxable. And finally, 3) Your withdrawal of funds from an IRA/401, is an unrelated transaction and is most likely taxable. So back to your question, if you netted these two, you did not file your tax return accurately and you should correct this with an amended return.

I hope this is helpful.

Kelly C.

CPA

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