I received a 1099-R. But didn’t withdrawal anything from my 401k

Forum|Forum|6 years ago
February 4, 2020
19 replies
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TurboTax Deluxe Online

bwergeles

Level 7

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.

DHutch

Level 2

I need help, please:

1-I 'rolled over' a 401k into a traditional IRA, I do not see in turbo tax (tt) the option for the situation, tt does give an option for rolling over from a 401k to a Roth account. How should I proceed to file this 1099-R?

2-Further into the tt questionnaire, under the 'Where is this distribution from?', it seems this form shouldn't apply to my case and 'none of the above' is the most accurate entry?

3-And finally, tt shows the rollover amount as a 'gross distribution', whereas it is actually a rollover. Do I need to annotate somewhere else on the form that it is not a distribution? TT just seems to leave me hanging in this case.

Thank you for any help you can give.

BillM223

Level 15

When TurboTax asked you (after you entered the 1099-R) what did you do with the money from this distribution, you should have checked "I moved the money to another retirement account". That would tell TurboTax that it was a rollover and therefore not taxable.

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Kelsey7763

Level 2

I didnt change jobs. I've been with the same company for 8yrs. Why did i receive a 1099-r from aome company called forge trust that I've never heard of?

AnnetteB6

Level 15

If you received a Form 1099-R and you have not taken any distributions or direct rollovers of any retirement accounts or IRA accounts, then you should contact the company shown on the Form 1099-R to request more information.

Be sure that the Social Security number shown on the form is yours. It is possible there was some sort of mix-up.

@Kelsey7763

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SaraLott

Level 2

I received a 10-99 R for a previous job that I quit. I did not take out the money or roll it over. It's less than $20 and I didn't even know about it until now. What should i mark on turbotax for this situation?