Yes, you need to amend your income tax return to report the 1099-R forms you received for the rollover that you did. The IRS gets copies of your 1099-R forms and will be looking for them on your income tax return.Per IRS: You must report a direct rollover of an eligible rollover distribution. A direct rollover is the direct payment of the distribution from a qualified plan, a section 403(b) plan, or a governmental section 457(b) plan to a traditional IRA, Roth IRA, or other eligible retirement plan.

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vbac391649

Level 2

Question

My return was accepted, but now I just received two 1099R forms for direct rollovers from one 401k to another. The taxable income is $0. Do I need to amend and report?

Forum|Forum|3 years ago
February 7, 2023
1 reply
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TurboTax Deluxe Online

HelenC12

Level 15

Yes, you need to amend your income tax return to report the 1099-R forms you received for the rollover that you did. The IRS gets copies of your 1099-R forms and will be looking for them on your income tax return.

Per IRS: You must report a direct rollover of an eligible rollover distribution. A direct rollover is the direct payment of the distribution from a qualified plan, a section 403(b) plan, or a governmental section 457(b) plan to a traditional IRA, Roth IRA, or other eligible retirement plan.

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Critter-3

Level 15

The good news is that you don't have to be in a rush to amend the return ... wait for the original return to be fully processed and the original refund is in hand or the original balance due is paid and then complete the amendment process. The 1040X will not be available until later this month and when you have completed it you can efile it now.