Can i choose entire distribution if my company was sold to another company and i got my 401(K) plan savings back?

[peterkaniaru]

What is the 401 k treatment in cases where a company is sold to another and i receive my share back. I am 73 years old

[MinhT1]

If the company sponsoring your 401(k) is acquired by another company, and you received a distribution of your 401(k) account, then this is a normal distribution which is taxable. There's no penalty for early withdrawal as you are over 59 1/2.

You had the opportunity to rollover this money into a traditional IRA account within 60 days to avoid paying taxes now on the distribution.

If the 60-day window has passed, you have to report the distribution as income and enter form 1099-R on your tax return.

In TurboTax Online, you can enter your Form 1099-R by following these steps:

1. Open your tax return
2. Click Federal in the left-hand column then on Wages & Income
3. Locate the section Retirement Plans and Social Security and click on the down arrow on the right
4. Click Start next to IRA, 401(k), Pension Plan Withdrawals (1099-R).