401k and Roth Rollovers

Forum|Forum|6 years ago
February 8, 2020
4 replies
38 views

I moved two 401k and one small Roth from previous employers in 2019, to my new employer 401k account. All of the checks were addressed to the trust company handling the investment and nothing was "cashed out" with the checks being sent direct or forwarded to the new trustee. I am running through my taxes and it is appearing I am being taxed on this as it is added to my income. Am I doing something incorrect? I was under the impression that if the disbursement check was not issued to me direct, and it was labeled as a rollover in the paperwork to do so, that this was not taxable..?

Best answer by DanaB27

What code did the 1099-R have?

Usually, after you enter the 1099-R TurboTax will ask follow-up questions. Please review them carefully.

Also be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), only amounts that were not rolled over or were converted will show here.

Click on "Tax Tools" in the left menu
Click "Tools"
Click "View Tax Summary" in the Tool Center window
Click on "Preview my 1040" on the left

DanaB27

Answer

Employee Tax Expert

What code did the 1099-R have?

Usually, after you enter the 1099-R TurboTax will ask follow-up questions. Please review them carefully.

Click on "Tax Tools" in the left menu
Click "Tools"
Click "View Tax Summary" in the Tool Center window
Click on "Preview my 1040" on the left

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SF321Author

Level 2

The distribution code for both 401k was G and the Roth was an H. It looks like it is calculating correctly in the summary so I have some more digging to do...TY!