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akelly93
New Member

Do I need to claim a rollover IRA account?

Last year my 401(k) rolled over to a traditional IRA account. I didn't contribute any funds to it aside from what was rolled over. I haven't received a 1099-R from my Trust Account, do I need to file this information?
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1 Reply
LinaJ2018
Intuit Alumni

Do I need to claim a rollover IRA account?

Per IRS, direct rollover from a 401-K to traditional IRA account is a nontaxable but re portable transaction, you are required to file a Form 1099-R if the trust company issues one. 

If your trust company is sending you a Form 1099-R and you have not received it yet, I would suggest you to wait.

If they are not going to send you one, you do not need to file.  To find out, contact them to verify if you will be receiving the form. 

If your trust company issues you a Form 1099-R, they are required to send a copy to IRS. Therefore, It is important to report your Form 1099-R information on the tax return correctly so to match IRS records to avoid any further correspondence. 

Usually, with a direct rollover transaction, the Form 1099-R will shows a code G in box 7.  After you enter the Form 1099-R information in TurboTax program, on your Form 1040, it will show the rollover amount on line 15a and the print ROLLOVER and zero on line 15b as the non taxable amount. 

On Form 1040-A, the same information will show on line 11a and 11b. 

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