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Frogot to report 401k rollover to traditional IRA in 2016 - Impact and how to remediate

Good evening,

 

I noticed only now that I did not report the 2016 rollover of my 401k in my traditional IRA account in my 2016 tax return. Obviously, there was no tax impact in 2016 anyway, but I am worried how this may impact my withdrawls once I am in retirement age.

 

Can anybody advise what impacts  I have to expect if I do not take any action?

 

As to possible actions: am I still able to file an amended 1040-X for 2016? If not, do I have any other options?

 

Thank you very much!

 

Cheers,

 

Max

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1 Reply
DavidD66
Expert Alumni

Frogot to report 401k rollover to traditional IRA in 2016 - Impact and how to remediate

It's not an issue.  It's in an IRA and the fact that you didn't report the rollover six years ago will not affect your IRA.  The risk, which was in 2016, was that the rollover would have been treated as a taxable distribution because you didn't report it.  If that had happened and you paid tax on it, it would be too late to file an amended return and get a refund.  More than likely it was a direct rollover: custodian to custodian, indicated so with code G on your 1099-R. If you did file an amended return, there would be on changes on your Form 1040X.  I wouldn't worry about it.

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