401k rollover

[rwacek]

2022. I'm having a heck of a time. I got a 1099R from my former employer

 because I withdrew the total amount to rollover to my new 401k.

the 1099R that I received has the $9500 in  box 1 (gross distribution)

and 2a (taxable distribution) After fees and FIT I had $7600 which I rolled over to a new 401k.

I don't see where I can enter this amount as "rolled over to new 401k"

Please help.

[LindaS5247]

You should enter your Form 1099-R into TurboTax exactly as it is shown. And answer all follow-up prompts and questions.  TurboTax will properly enter these amounts on your tax return as required.

The code in distribution box 7 of your Form 1099-R should indicate whether you did a direct rollover to a qualified plan (your new 401(K).  That is how TurboTax will know what kind of distribution this is  (such as that it was a direct rollover) and tax it properly.

It does not sound like you did a direct rollover.  If you did, you would have received a 1099-R with a distribution code in Box 7 of  "G".  And this would not be a taxable event.

If this was not a direct rollover, i.e. you took out the money and then rolled it over yourself to a 401(K) plan, you will enter it as follows:

1. Search for 1099-R and select the Jump to link in the search results
2. Continue through the screens to import or enter your 1099-R form
3. When asked Tell us if you moved the money through a rollover or conversion select I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days) and select Continue
4. On the next screen, Did you roll over all of this (Box 1) to another retirement account? answer Yes, I rolled over to an IRA or other retirement account (or returned it to the same account) and select Continue

If taxes were withheld in box 4 of your form, they'll either be added to your refund or applied to your tax liability.

Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)"

Click here for additional information on entering rollover in TurboTax.

To preview 1040 in TurboTax Online to check these entries:

• Sign into https://myturbotax.intuit.com/
• Under Tax Timeline, click on Continue your return
• Go to "My Account" > "Tools"
• Under the Tools Center, select "view tax summary"
• Select "Preview my 1040"
   

[rwacek]

Brilliant. Just the info I needed. Thank you, Thank you!

[DN76]

Hi, the company I work for got bought by another and I had to rollover my current 401K into the new employers. For this I got two 1099-R forms. I'm thinking one is for my 401K and one is for my 401K Roth because I'd split it into two. On the first form the Box 7 Distribution code is G. On the second on the Box 7 is BG. 

My question is what do I enter for this part?

Did you move this money from a 401(k) to a Roth 401(k)?

Yes, I moved the money to a Roth 401(k), Roth 403(b), or a 457(b) plan

No, I didn’t

To be clear, my 401K money will go to a 401K account and my 401K Roth money will be going to a 401K Roth part of the account.

Secondly, what do I put here?

Where is your distribution from?

Select the source of this distribution and enter any other New York information. Learn more

Retirement distributions from:

• US Government (including military)
• New York State and City Education
• Certain public authorities
• NYC Variable Supplemental Funds (VSF)
• Certain annuity funds
• Other Pensions of New York State and Local Governments

Retirement distributions from:

• New York State and City Education (optional retirement program)
• IRA rolled over from a former government pension

Not eligible for exclusion for those over age 59 1/2

None of the above (select for deferred compensation 457 plans)


Thank you for your help!

[SharonD007]

You have to determine what type of plan your distribution is from.  If it's a deferred compensation plan, select None of the Above.

You can always contact the plan administrator and ask them.

[dmertz]

The code-G Form 1099-R reports the portion rolled over from the traditional account in the old plan to the traditional account in the new plan.  Answer No when asked if this was rolled over to any kind of Roth account.  The code-BG Form 1099-R is for the portion rolled over from the designated Roth account in the old plan to the designated Roth account in the new plan (not to a Roth IRA).

I'm not sure why TurboTax asks the NY-related questions.  It seems like None of the above is the only answer that makes any sense as SharonD007 indicates.  A 401(k) is a deferred compensation plan.