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Level 2
March 19, 2020
Solved

401 rollover

  • March 19, 2020
  • 1 reply
  • 4 views

I retired 2019 and rolled over my 401 to a big name investment company. I received a 1099R from my former employer for the total distribution, but didn't receive anything from the investment company about it being directly rolled over...the total distribution was sent directly to the investment firm.

How should I report the rollover on my taxes?

Best answer by bluedeb

Your 1099-R should have a code that determines it is a rollover. The codes for a direct rollover are "G" or "H" (if a Roth). TurboTax will pick up on this code and your distribution won't be taxable.

1 reply

bluedeb
Alumni - Champ
bluedebAlumni - ChampAnswer
Alumni - Champ
March 19, 2020

Your 1099-R should have a code that determines it is a rollover. The codes for a direct rollover are "G" or "H" (if a Roth). TurboTax will pick up on this code and your distribution won't be taxable.

cdavidrayAuthor
Level 2
March 19, 2020

Thank you. Should the total amount be showing up as income?

bluedeb
Alumni - Champ
Alumni - Champ
March 19, 2020

Yes, as long as you entered the rollover code, it will not affect your return.