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Retirement tax questions
If you deposit the money into an IRA as a rollover, the IRA custodian will issue a Form 5498 reporting the receipt of the rollover. If you roll the funds over to another employer's plan like a 401(k), you must include an explanation statement with your tax return to indicate that you rolled it over. In either case your 2020 tax return must include the ROLLOVER notation on line 4d, which TurboTax will do automatically when you indicate to TurboTax that you rolled the distribution over to an IRA or to a 401(k).
March 3, 2020
3:06 PM