401k roll over

[antfig]

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?

[macuser_22]

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.

[antfig]

Thanks for the information.

[mabugglin]

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]

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.

[lpstalec]

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

[macuser_22]

A non-taxable rollover will have not affect.

[PattiF]

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