1099R, but not rolled over yet

Forum|Forum|5 years ago
March 5, 2021
8 replies
29 views

My husband left a job last year 2020, so they sent him a check for his 401K. We received a 1099R regarding this money.

We have not cashed the check because he is going to roll it over into a 401K at his new job. He is not eligible to roll it over until June of this year, though. So we have not cashed the check and will roll it over in a few months. What do we do with the 1099R form when filing our taxes for 2020?

macuser_22

Alumni - Champ

@LaurenG1020 wrote:

My husband left a job last year 2020, so they sent him a check for his 401K. We received a 1099R regarding this money.

We have not cashed the check because he is going to roll it over into a 401K at his new job. He is not eligible to roll it over until June of this year, though. So we have not cashed the check and will roll it over in a few months. What do we do with the 1099R form when filing our taxes for 2020?

If you received a check made out to you then any rollover had to be within the 60 day time limit from the issue date of the check or it is not eligible for rollover.

It should have been rolled to a Traditional IRA within 60 days and then the IRA could be rolled to a new 401(k) plan.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

LaurenG1020Author

Level 2

My husband just clarified that ADP has the funds from the previous 401K, but it will not be deposited into his new 401K until it starts in June. His current employer told him not to cash the check since this new employer partners with ADP. So since the funds are held at ADP currently and will go directly into his 401K in a few months, should we not enter the 1099R when filing our taxes? Or still enter it, even though we're not cashing it out and it will go to his new 401K?

macuser_22

Alumni - Champ

Is the check made out to him or the 401(k) plan?

What code is in box 7 on the 1099-R?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**