What did you want to do? Transfer it to your IRA? It's ok to deposit a check into your checking account. When did you get the check? You have 60 days to move it to a Traditional IRA account or another 401k account. Do you still have time? You would need to put the whole gross amount before including the 20% withholding into the IRA to avoid the tax. So you would have to replace the 20% with other money. Or the 20% withholding will become taxable by itself. If you are able to put it in a IRA you can get back the 20% on your tax return.
At the end of the year you will get a 1099R for it. OH, have you been taking out the RMD from the 401K and IRA accounts? You need to. You have to take out the RMD Required Min Distribution before you can move any to another account. So you do need to account for the RMD.
Enter a 1099R under
Federal Taxes
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start
If you are adding another 1099R there might be a Add button at the bottom of the list.
