Yes, you should report this and you need to get a Form 1099-R from the 401K plan. Both VolvoGirl and dmertz are correct because you need to contact the 401k plan to get the Form 1099-R, it is required for you to accurately report this transaction. There are some situations in which the year-end statement would be sufficient, but in your case, since the money was rolled over from a 401k to an IRA you will need Form 1099-R.
When you get your 1099-R, here is how to report it:
- Open or continue your return.
- In the Federal section, select Wages & Income.
- Scroll to locate Retirement Plans and Social Security.
- Select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R).
You can also find the 1099-R section using Search. Open your return, enter 1099-r in the search bar, and select the Jump to 1099-r link.
Entering it will show the distribution on your return, but it will not be added to your taxable income.
@Roberta444
