@themaster wrote:
Hi,
Situation: I had a 401k (pre-tax) from my prev employer and made some payroll contributions while there. I changed jobs and opened another retirement account with them but it's a Roth account and I make payroll contributions.
In 2020 I completed a rollover of my prev 401k (pre-tax) to my current 401k (Roth). How do I report this on my fed income taxes? Is my current account custodian suppose to provide me with a form to report that amount I transferred? I did not get anything for it.
My understanding is that I have not paid taxes on the payroll contributions made to my prev employer 401k (pretax) so since I transferred to a roth (post-tax) account I need to pay income taxes on the portion that I have yet to pay taxes on (the rolled over amount). Is this correct? If so, how am I suppose to go about doing this?
Also: what is recharacterization and what does nondetectable contribution mean? Thanks.
You should have received one or more 1099-R's reporting that no later then Jan 31, 2021.
However, I do not believe you can convert a 401(k) plan from one employer to a 401(k) Roth with a different employer.
You can roll a 401(k) to a 401(k). and a 401(k) Roth to a 401(k) Roth but any conversions from a 401(k) to a 401(k) Roth can only be "in-plan" with the same employer.
[@dmertz can you weigh in - is that correct?]
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
