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antfig
New Member

401k roll over

I took a distribution from pre-tax money in my 401k in December 2020.  The money was sent directly to a trustee to open an IRA but the IRA was not opened until January 2021.  Are there any tax implications for 2020? Do I need to file anything about the transfer with my 2020 tax return?

7 Replies
macuser_22
Level 15

401k roll over

Yes.  You must report the 1090-R for the distribution.    A code G in box 7 is automatically a rollover.  Say no to the two Roth questions and then it is automatically a rollover to a Traditional IRA.

 

That it spanned years is immaterial.

**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.**
antfig
New Member

401k roll over

Thanks for the information.

mabugglin
New Member

401k roll over

I have a 401K rollover and have received a 1099R.  This was rolled over into an IRA.  No tax consequences.  However, I have to report the amount on the 1099R with code G, yet the amount shows on my taxes as income.  Why?

macuser_22
Level 15

401k roll over

It will show as income on the summary screen which shows gross income, not taxable income.

The IRS requires reporting all income on a *income* tax return - taxable and not-taxable.

The income will be reported on line 4a(for IRA) or 5a and 4b(for IRA) and 5b on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on the 1040 line 4b or 5b. In the case of a rollover, that will be zero.

**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.**
lpstalec
New Member

401k roll over

will this reported, non taxable, income effect my stimulus check?

macuser_22
Level 15

401k roll over

A non-taxable rollover will have not affect.

**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.**
PattiF
Employee Tax Expert

401k roll over

No, a retirement roll over will not affect your income for being eligible for the stimulus check.

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