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Level 2
April 24, 2021
Question

Form 1099R

  • April 24, 2021
  • 1 reply
  • 3 views

Hi support,

 

 I received the money in 2020 from the former employer's pension plan, and I deposited all money into a 401K rollover account. Do I need to file 2020 year income tax?

 

    1 reply

    macuser_22
    Alumni - Champ
    Alumni - Champ
    April 24, 2021

    Yes.  All 1099-R's must be entered.  Failure to enter can cause the IRS to assume the rollover was not completed and you kept them money so they will bill you for tax on the entire amount.

    **Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
    SJ38Author
    Level 2
    April 25, 2021

    Thank you.