Can I enter my 1099-R if my old employer transferred my 401k directly to the account provided by my new employer as part of the separation? Never received cash or check.

My business unit separated from the main company, so both handled the transfer of the 401k from one provider to another. Never received a check or cash and the money is in the account. I am getting charge more thank 50k in tax when I enter it one way. when I check a different method, it is asking about payment I am receiving and neither option is accurate for me. Thank you

1677

Expert Alumni

Mar 24, 2025 9:41:56 AM

Yes, you should enter your 1099-R, and there should be no tax consequence.

Under Federal

Wages & Income
Scroll to IRA, 401(k), Pension Plan Withdrawals (1099-R) [Add/Edit]
Did you get a 1099-R in 2024? [yes]
If you are adding a 1099-R [+ Add another 1099-R]
The steps are the same from here
[Change how I enter my form]
[Type it Myself]
If necessary chose a person [Continue]
Who gave you a 1099-R? Click box [Continue]
Post the 1099-R
Be sure to enter box 7 [continue]
Do you have info in Box 2a or Box 2b? Yes/No
Is the IRA/SEP/SIMPLE box on this 1099-R checked? Probably not
Where is your distribution from? Probably None of the above
This should be a Qualified Plan
Do any of these situations apply to you?
How much of the $XX,XXX was an RMD? None of this withdrawal was an RMD
Tell us if you moved the money through a rollover or conversion I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)
Did you roll over all of this $6,000.00 (Box 1) to another retirement account? Yes, I rolled over $6,000.00 to an IRA or other retirement account (or returned it to the same account).

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Can I enter my 1099-R if my old employer transferred my 401k directly to the account provided by my new employer as part of the separation? Never received cash or check.