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1099r for 401k rollover distribution

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

I changed companies in 2016 and did a distribution rollover with my 401K. I I changed companies in 2016 and did a distribution rollover to the new company's 401k program. My question is: Do I need to file the 1099R for the rollover with my 2016 tax return ? if so will it be reflected as income?

TurboTax Self Employed Online

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Yes, you do need to report the 1099-R on your 2016 tax return.

When you enter the 1099-R into TurboTax, notice the code in Box 7. The codes for a direct rollover are "G" or "H" (if a Roth). TurboTax will pick up on this code and your distribution won't be taxable.

If this was an indirect rollover -- meaning you physically got the check and deposited the funds into another retirement account -- then you'll have a code other than "G" or "H". In that case, you'll answer TurboTax's question about what you did with the money by checking the box that says you moved the money to another retirement account. That will also result in it not being included in taxable income.

A

Anonymous

Answer

Yes, you do need to report the 1099-R on your 2016 tax return.

When you enter the 1099-R into TurboTax, notice the code in Box 7. The codes for a direct rollover are "G" or "H" (if a Roth). TurboTax will pick up on this code and your distribution won't be taxable.

If this was an indirect rollover -- meaning you physically got the check and deposited the funds into another retirement account -- then you'll have a code other than "G" or "H". In that case, you'll answer TurboTax's question about what you did with the money by checking the box that says you moved the money to another retirement account. That will also result in it not being included in taxable income.

A

Anonymous

Also, is there a figure in box 2a and is the box between 7 & 8 checked for IRA/SEP/SIMPLE?