401(k) rollover

Forum|Forum|2 years ago
February 28, 2024
2 replies
13 views

I received a Form 5498 regarding rollover from a 401(k) to a traditional IRA. This was a direct transfer, from one brokerage account to another, I never received any funds. Is this rollover reportable? If so, where? Many thanks.

JulieS

Level 15

No, you don't have to report your rollover unless you get a 1099-R form. When it is a direct transfer, they don't usually issue a 1099-R form.

Form 5498 not directly reported on your tax return. It just shows your contributions, rollovers and RMD. Keep it for your records.

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5AppleAuthor

Level 2

Julie, thanks for the reply. While I have not gotten a Form 1099, my concerns is that when I go to the IRS website, the IRS Interactive Tax Assistant says I do need to report the rollover. It says "Include the total amount distributed on the "Pensions and Annuities" line of your tax return. Write the word "Rollover" in the margin net to the "Taxable amount" line."

This makes me nervous about not reporting the rollover.

5AppleAuthor

Level 2

See Topic No. 413 on the IRS website

dmertz

Level 15

A rollover from a 401(k) to an IRA is required to be reported by the 401(k) plan on a Form 1099-R that is required to be entered into TurboTax.

5AppleAuthor

Level 2

Thanks for all the help. What I am taking away from all this is that the rollover from the 401(k) to the traditional IRA needs to be reported - advice consistent with the IRS website - and that order to report the rollover, the 401 (k) plan should provide a form 1099-R. Again, thanks for the help.