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Retirement tax questions
Hello, I received 2 1099-R, one for a loan I made and the second one because my job changed 401(k) provider, the previous provider sent me a check (full disbursement) which I had to deposit to the new account, this 1099-R has the amount of 155k in box 1 and box 2 has $0 and box 7 says G, when I enter the info on Turbotax it says my full income was of 185K and my return changed from receiving $1200 to now I owe over 8k, my question is how can I provide info that the money was deposited to a new 401(k) provider and I did not keep any of the money witch exception of the first 1099-R (loan)??? why do I have to pay taxes for it?
‎April 14, 2022
12:05 PM