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.

[zolkabus33]

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

[JohnB5677]

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

Under Federal

1. Wages & Income
2. Scroll to IRA, 401(k), Pension Plan Withdrawals (1099-R) [Add/Edit]
3. Did you get a 1099-R in 2024? [yes]
4. If you are adding a 1099-R [+ Add another 1099-R]
5. The steps are the same from here
6. [Change how I enter my form]
7. [Type it Myself]
8. If necessary chose a person [Continue]
9. Who gave you a 1099-R? Click box [Continue]
10. Post the 1099-R
11. Be sure to enter box 7 [continue]
12. Do you have info in Box 2a or Box 2b? Yes/No
13. Is the IRA/SEP/SIMPLE box on this 1099-R checked? Probably not
14. Where is your distribution from? Probably None of the above
15. This should be a Qualified Plan
16. Do any of these situations apply to you?
17. How much of the $XX,XXX was an RMD?  None of this withdrawal was an RMD
18. 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)
19. 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).