Form 1099R

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?

posted

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.**