BarbaraW22
Expert Alumni

Retirement tax questions

You may have received a 1099-R from a former employer. If you changed jobs and the balance was under a certain amount, some retirement plans will automatically close the retirement account. Another possibility is you may have taken a loan on your 401k, and if you changed jobs and the loan was still outstanding, some retirement plans will treat the loan as a distribution instead of giving you the option to continue making payments. 

 

Or, you may have moved your 401k from one retirement account to another. This action requires a 1099-R to be issued even though you did not withdraw any funds. If you did a "rollover" of your 401k, usually the Taxable Amount reported in Box 2a of the 1099-R will be 0. 

 

In order to determine the reason for the 1099-R, you will need to contact the retirement plan administrator that is listed on the form.

 

Since you received a 1099-R, you must report this on your tax return. You can enter this in TurboTax by clicking on Search in the top right corner and then typing in 1099-R in the search box. Then click on the "Jump to" link and enter your information.

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