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acdadian
New Member

Former Employer moved my 401K from one plan to a new one we transferred it to the plan with current employer they sent 1099 showing withdrawal now what?

 
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2 Replies

Former Employer moved my 401K from one plan to a new one we transferred it to the plan with current employer they sent 1099 showing withdrawal now what?

Your 1099-R should show code "G" which is a tax-free rollover.

JulieS
Expert Alumni

Former Employer moved my 401K from one plan to a new one we transferred it to the plan with current employer they sent 1099 showing withdrawal now what?

The money you moved from your 401(k) to a new 401(k), is called a rollover. Hopefully, your 1099-R form shows the code "G" in box 7. If it does, just enter the form in the 1099-R section.

 

If you have a "1" or "2" in box 7, you will need to watch for the screen titled, "What did you do with the money from (your broker's name)?" Pick the first answer, "I moved the money to another retirement account."

 

Pick the first answer to the next question, "I rolled over all of this money to an IRA or other retirement account."

 

That will show the distribution on your return, but it will not be added to your taxable income. 

 

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