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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?
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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.
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401k roll over
Thanks for the information.
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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?
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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.
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401k roll over
will this reported, non taxable, income effect my stimulus check?
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401k roll over
A non-taxable rollover will have not affect.
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401k roll over
No, a retirement roll over will not affect your income for being eligible for the stimulus check.
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