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I received a 1099-R from my moms fidelity account when she passed, roll it into my own 401K, which means I received zero income why does it show that it is income?
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Expert Reviewed
Unless you are a surviving spouse, you cannot roll someone else's retirement account (401(k), 403(b), IRA, etc.) into your own retirement account. You should have opened an Inherited IRA account and transferred her account to that. Moving your mother's retirement account into your 401(k) instead of an inherited IRA account means that you took a distribution of 100% of your mother's account, which is a taxable event. You will have to pay tax on the distribution. In addition, you need to talk to your 401(k) administrator about undoing the "rollover" to your 401(k) account.
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