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rrieger
New Member

Do funds put in a brand new traditional IRA count as a "Contributions" if they came from an inservice rollover of a 401k? Or does my 1099-R form account for these funds?

 
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2 Replies
dmertz
Level 15

Do funds put in a brand new traditional IRA count as a "Contributions" if they came from an inservice rollover of a 401k? Or does my 1099-R form account for these funds?

No, a rollover is not a new contribution.  Don't enter under Deductions & Credits anything having to do this this distribution and rollover from the 401(k) to the IRA.  Just enter the Form 1099-R and answer the follow-up questions.

GloriaL
Expert Alumni

Do funds put in a brand new traditional IRA count as a "Contributions" if they came from an inservice rollover of a 401k? Or does my 1099-R form account for these funds?

 

No, rollovers from a 401K to a new IRA do not count as a contribution on your tax return.  The 1099-R that you receive for the rollover should indicated that the monies used to fund the new IRA were a rollover.  That is indicated on your 1099-R with a code G in box 7.

 

 

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