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How do I enter a direct rollover of a 401k to an ira?

 
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5 Replies

How do I enter a direct rollover of a 401k to an ira?

You should have a 1099R is if from a taxable 401K to Traditional IRA it is not taxable income.

To enter pension and annuity Payments (1099-R)

•    Click on Federal Taxes
•    Click on Wages and Income
•    Click on I'll choose what I work on (if shown)
•    Scroll down to Retirement Plans and Social Security
•    On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button


How do I enter a direct rollover of a 401k to an ira?

It is showing my rollover as income.  There is no notation that it is a rollover.  I did put code G into the 1099 info.  Have I done this right but it just looks odd?  Also, I did take a partial withdrawal at the same time which has a code 2.  That part should be showing as income, but not the rollover part.

How do I enter a direct rollover of a 401k to an ira?

you will need to enter this as two separate 1099R's one for the amount of the partial withdrawal and a code of 2, and the other for the rollover Code G.

 A distribution paid to you is required to be reported on an Form 1099-R (code 2) separate from the Form 1099-R reporting the direct rollover (code G).  

Also, a code G Form 1099-R can never have tax withholding shown in box 4 since tax withholding is an amount not rolled over.

How do I enter a direct rollover of a 401k to an ira?

I did enter them separately and the Code G shows zero withholding.  Will the Code G show as income on the Federal Review?

How do I enter a direct rollover of a 401k to an ira?

Is there another step I should be talking to have the rollover not show as income?

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