MonikaK1
Expert Alumni

Retirement tax questions

Check with the financial institution that moved your 401K to determine whether a Form 1099-R was issued. If a Form 1099-R is issued, you will need to report the information from it on your tax return. 

 

The 1099-R will have a code in box 7 that indicates it was a direct rollover and as such it will not be taxed. 

 

See these instructions from the IRS for more information.

 

 

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