from a pension to an traditional IRA

[Fuchew]

 I got a 1099-r from my pension plan but I moved it from pension to a traditional IRA do I have to declare that on my taxes

[JulieS · Accepted solution]

Yes, anytime you get a 1099-R form, you have to report it on your tax return. If you rolled over the full amount it will not be taxable. 

Just enter the 1099-R into Turbo tax and answer the follow up questions about your rollover. 

[Fuchew]

I have already filed my taxes can I amend it .It's been accepted

[BarbaraW22]

Yes, you will need to report the 1099-R on your tax return even though it was a rollover from a pension to a traditional IRA. The IRS has also received a copy of the 1099-R and will be looking for that to be reported on your tax return. As JulieS stated above, since it was a rollover, it is not taxable income. 

If you have already filed your tax return and it has been accepted, you will need to amend your return. Here's how to amend your return:

1. Log into TurboTax and click on "Tax Home"
2. Scroll down to Your tax return & documents (you may need to select Show), select 2019 and then Amend (change) return.
3. Select Amend using TurboTax Online

Note: You will need to print and mail your amended return. Amended federal returns cannot be e-filed.

@Fuchew

[velippert54]

So far this comes closest to my situation. However, when I enter the 1099-R information I do not get the questions on the rollover as stated in the reply. Then when I try to enter the Form 5489 information it now adds a lot of taxes I must pay and indicates I have a penalty to pay. Something seems wrong here and I can't find the right thing to do.

[VolvoGirl]

@velippert54   What did you rollover?  From a 401K?  What code is in box 7 on the 1099R?  You do not enter anything from the 5498.  You do not enter it as a new IRA contribution under Deductions for it.  You only enter the 1099R and answer the followup questions for What did you do with it.  

[ColeenD3]

If you physically rolled it over within 60 days, the interview process will ask what you did with the money. You have the option of taking it out, rolling it over or a combination of the two situations.

If you had a Code G, the rollover is automatically noted. 

[velippert54]

It was a total distribution from a pension plan (2b box checked for total distribution). Box 7 has G for the distribution code. There were no followup questions as to what I did with it unless you are referring to the two questions about rolling over to a Roth IRA, which I did not do. I guess right now my biggest concern is I keep seeing references to follow up questions as to what I did with it but I'm not seeing those questions so am I missing something?

[velippert54]

Distribution Code in 7 is G.  So I interpret your response and I've entered everything I need for this item and can move on.

[VolvoGirl]

Right.  Code G is a direct transfer.  That's all you need to do.  You are done.