Yes - A distribution
from a 401(k), including one directly rolled over to another qualified
retirement account, is *always* reportable on a Form 1099-R. A
rolled-over 401(k) distribution must always be reported on Form 1040 line
16 or Form 1040A line 12. You will not have to report any gains or losses within the fund and will only recognize income when you have a taxable distribution from the fund.
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 1099-R information in TurboTax, log into your tax return (for TurboTax
Online sign-in, click Here and click
on "Take me to my return") type "1099r"
in the search bar then select "jump to
1099r". TurboTax will guide you in entering this information.
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 your Form 1040:
- TurboTax
Online sign-in, click Here
- Select "Take me
to my Return"
- Go to "Tax
Tools" (on the side bar) then "Tools"
- Under the Tools
Center, select "view tax summary"
- Select "Preview
my 1040"
