In 2024, I did a direct rollover from my IRA Account at a Bank to my existing Regular 401k with my employer. The amount rolled over was $301. Then my IRA Account at the bank was closed.
So far I have only received a 1099-R from the bank showing the following information:
Box 1 - Gross Distribution - $301
Box 2a - Taxable Amount - $301
Box 2b - Taxable amount not determined and Total Distribution is checked.
Box 3 - Capital Gain - $0
Box 4 - Federal Income Tax Withheld - $0
Box 5 - Employee Contributions - $0
Box 6 - Net unrealized appreciation - $0
Box 7—Distribution Code—1—This is Early Distribution, with no known exception (in most cases under 59 1/2).
IRA / Sep / Simple box is checked
Box 8 - Other - $0
Box 9b - Toal employee contributions - $0
Boxes 9a, 10, 11, 12, 13, 14,15,16,17,18,19 - are all blank
I have not received any tax form from my 401k which I would think would show the direct transfer contribution information. Today is Feb 1, 2025, and I would think I would receive a tax form from my 401k (what would this IRS Form be) and is there a deadline for them to provide it to me?
I would hope that I would not have to pay federal taxes and an early withdrawal penalty for the IRA account's Distribution amount.
Also, How would I enter this situation on Turbo Tax Deluxe?
