Employer switched retirement plans 2021. Check issued to me to close old plan

[MinhT1]

You will or have already received a form 1099-R reporting this distribution.

If you did not rollover this check to another retirement plan within 60 days, this distribution is taxable and if you are aged under 59 1/2, the distribution will also be subject to the 10% early withdrawal penalty.

You can enter your form 1099-R by following these steps: 

1. In TurboTax, open your tax return
2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
3. Scroll down and locate the section Retirement Plans and Social Security and click on Show more
4. Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).

[susanayres]

Thanks! I did roll it over immediately, so do I need to enter the 1099-R info?

[MinhT1 · Accepted solution]

If you rolled over the amount of check to a retirement account, you will still need to enter your form 1099-R but will indicate that you rolled over that amount.

This is how you'll do it in TurboTax:

1. In TurboTax, open your tax return
2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
3. Scroll down and locate the section Retirement Plans and Social Security and click on Show more
4. Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).
5. Enter your form 1099-R and follow the interview
6. hen you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)