What a mess I created for myself, and staring at staggering tax bill! But thanks for confirming my doubts.
Pl. clarify the following too.
- Besides all this screw up I also did another, which I hope is not a screw up
- In 2021, because of being 62 years old, and since the investments choices in my employer 401K really sucked, I rolled over all ALL of that 401K into an IRA that I already had (the same one that had mix of pre and post tax contributions)
- Both the 401K and the IRA are with the same institution
- They did the roll over directly without money changing to my hand etc
- They did send me 1099-R with code G also
- When I used to file 2021 return around march 2022, I chose to download tax forms electronically via Turbo Tax premium from my IRA/401K provider
- But I do NOT know if it covered 1099-R G code one or not
- And I filed the return already now
Now getting a doubt that I have to amend 2021 return to report this roll over. So I tried to use Tubotax 2021 to do prepare amendment with data from 1099-R. After entering all of it, Turbo Tax is telling me that it is NOT seeing any difference between what I already filed and the amendment I am now trying to file!
From this I am guessing,
a) Since the roll over involved 0 tax and 0 taxable funds, I do not need to do anything extra than what TruboTax did for me when I originally filed?
b) OR I chose to download electronically, Turbo Tax took care of all this and hence I do not need to amend?
c) OR if the roll over involved 0 tax and 0 taxable funds, such roll over doesn't need to be reported at all?
d) OR I have to still file amendment no matter what?
Pl. clarify the above.
And I did the same in 2020 (already filed) and 2022 (yet to file) also. So want to know if I have to do anything even for these two from the answers above.
