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bru-b-2
New Member

Do i report a pension plan lump sum distribution roll over as a non taxed income

 
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1 Best answer

Accepted Solutions
MargaretL
Expert Alumni

Do i report a pension plan lump sum distribution roll over as a non taxed income

Yes, you do. Please report form 1099-R, which you should have received for this transaction. If the form indicates code G in box 7, the rollover is automatic.  If there is any other code, you will be asked by the program what you did with the money.  Once you indicate that you moved the money to another retirement account, the rollover will be applied on your tax return. 

Please follow below steps for data entry:

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)

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2 Replies
MargaretL
Expert Alumni

Do i report a pension plan lump sum distribution roll over as a non taxed income

Yes, you do. Please report form 1099-R, which you should have received for this transaction. If the form indicates code G in box 7, the rollover is automatic.  If there is any other code, you will be asked by the program what you did with the money.  Once you indicate that you moved the money to another retirement account, the rollover will be applied on your tax return. 

Please follow below steps for data entry:

  1. Federal Taxes
  2. Wages and Income
  3. Scroll down to Retirement Plans and Social Security
  4. Select IRA, 401(k), Pension Plans (1099-R)
bru-b-2
New Member

Do i report a pension plan lump sum distribution roll over as a non taxed income

Thank you
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