Entering 401k year end balance

[dmertz · Accepted solution]

Nowhere does TurboTax ask for the year-end balance of a 401(k).  TurboTax only asks for the year end balances of traditional IRAs and Roth IRAs, if needed.  A 401(k) is not an IRA.

[Laura4]

1) When you rollover a 401k into a traditional IRA, where do you enter the money transferring into your IRA?  My IRA worksheet only lists my direct IRA contributions, it does not include the 401k rollovers. If I need to add them, where/how do you do that?   

2) I do not see on which form to enter the year-end balances on the IRA worksheet, do you do it directly on the IRA worksheet? 

3) Is it really needed to track the year-end balances of traditional IRAs in TurboTax, as all the distributions will be taxable (as they were made with pretax dollars) and show up in 1099-Rs? 

[VolvoGirl]

You only enter the 1099R you get from the 401K.  It won't  be a new IRA contribution.  After you enter the 1099R it might ask what you did with it.  Did you get the check and deposit it into the IRA or was it a direct transfer from the 401K?  If they took withholding out of the 401K rollover the withholding will be taxable unless you replaced it with your own money when you put it in the IRA.