It depends.
If this is a trustee-to-trustee transfer involving no payment or distribution to the participant, which includes a trustee-to-trustee transfer from one IRA to another IRA or from one 403(b) plan to another 403(b) plan, is generally not reported on Form 1099-R.
Therefore you will have no reporting requirement related to this type of transfer.
However if this is not a trustee-to-trustee transfer, the IRS requires that all retirement distributions (including a rollover distribution) be reported to the IRS.
You should have received a 1099-R for this rollover distribution and you will need to report this on your tax return. You will need to contact your 401(k) administrator if you have not received your 1099-R.
Because
you received a 1099-R, the IRS will also have received a copy of this 1099-R.
You will need to report this 1099-R distribution on your tax return but none of
it will be taxable. Just make sure that when you are reporting this information
into TurboTax that for the question "What Did You Do With The Money From
(your retirement fund)?", answer "I moved the money to another
retirement account (or returned it to the same retirement account)" (see
screenshot)
To
enter your 1099- R in TurboTax Online or Desktop, please follow these
steps:
- Once
you are in your tax return, click on the “Federal Taxes” tab
("Personal" tab in TurboTax Home & Business)
- Next click on “Wages and
Income” ("Personal Income" in TurboTax Home & Business)
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Retirement Plans and Social Security”
- Choose "show more",
then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen
instructions
Please
note that all distributions will be reported on your tax
return (whether or not they are taxable) on Form 1040 on line 15(a) (or
16(a) but only the taxable portion will show on your return as taxable
on line 15(b) (or 16(b)).
To
preview 1040 in TurboTax Online:
- Sign into https://myturbotax.intuit.com/
- Under Tax Timeline, click on
Continue your return
- Go to "My Account"
> "Tools"
- Under the Tools Center,
select "view tax summary"
- Select "Preview my
1040"
