DawnC
Expert Alumni

Retirement tax questions

In Box 7 on your form, is the IRA/SEP/SIMPLE box checked?   If the rollover was from a 401K, the box should not be checked and your distributions should be on the Pension and Annuities line.   For tax purposes, 401ks are treated as pensions (accounts created through an employer).   IRA accounts do not go through an employer.   The rules and contribution limits differ.  A traditional 401k is not the same as a traditional IRA.   You can ignore the word ''traditional'' when determining which line it gets reported on.   All is fine if your 401k rollover is on line 5a.  

 

Types of retirement plans

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