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steve1414
New Member

How do i report retirement rollover

i rolled money over from a simple IRA to a 401-k. does this need to be reported as distribution?
1 Best answer

Accepted Solutions
LindaA
Level 10

How do i report retirement rollover

Yes, you must report the rollover on your tax return. The financial institution will send you a Form 1099-R which you will use to report the transaction. Box 7 of this form will have code G, Direct rollover of a distribution (other than a designated Roth account contribution) to a qualified plan, a section 403(b) plan, a governmental section 457(b) plan, or an IRA.

If you do not receive the Form 1099-R by February 15, 2016, please see IRS Tax Topic 154 - Form W-2 and Form 1099-R (What to do if Incorrect or Not Received).

A note about indirect rollovers

IRA distributions are reported on Form 1099-R. If you had a direct rollover, the funds moved directly from one financial institution to another, so you never saw the money. As mentioned above, direct rollovers are indicated with either code G or H in Box 7 of the Form 1099-R. There is no special box 7 code for an indirect rollover (i.e., the code will indicate something else, such as “1” for an early distribution). Instead, enter the 1099-R that reports the distribution, then continue through the tax interview. TurboTax will ask what you did with the money, and you can indicate that you rolled it over (click the first attachment below to enlarge it for reference). Note that if you only rolled over part of the funds, you'll be prompted to enter the rollover amount (click the second attachment below for reference).

To enter your rollover:

  • Open (continue) your return in TurboTax.
  • In the TurboTax search box, enter 1099-R and press the Enter key, then click on the Jump to 1099-r link.
  • On the Your 1099-R screen, check the Yes next to Did you have any of these types of income in 2015? then click Continue.
  • Follow the prompts to either import or manually enter your 1099-R form and finish the interview, paying careful attention to the rollover questions if you made an indirect rollover.

For more information, see the FAQ below, What Is the Difference Between a Direct and an Indirect Rollover? https://ttlc.intuit.com/replies/3880707

[Edited 04/06/2016, 12:23pm PDT.]

View solution in original post

3 Replies
LindaA
Level 10

How do i report retirement rollover

Yes, you must report the rollover on your tax return. The financial institution will send you a Form 1099-R which you will use to report the transaction. Box 7 of this form will have code G, Direct rollover of a distribution (other than a designated Roth account contribution) to a qualified plan, a section 403(b) plan, a governmental section 457(b) plan, or an IRA.

If you do not receive the Form 1099-R by February 15, 2016, please see IRS Tax Topic 154 - Form W-2 and Form 1099-R (What to do if Incorrect or Not Received).

A note about indirect rollovers

IRA distributions are reported on Form 1099-R. If you had a direct rollover, the funds moved directly from one financial institution to another, so you never saw the money. As mentioned above, direct rollovers are indicated with either code G or H in Box 7 of the Form 1099-R. There is no special box 7 code for an indirect rollover (i.e., the code will indicate something else, such as “1” for an early distribution). Instead, enter the 1099-R that reports the distribution, then continue through the tax interview. TurboTax will ask what you did with the money, and you can indicate that you rolled it over (click the first attachment below to enlarge it for reference). Note that if you only rolled over part of the funds, you'll be prompted to enter the rollover amount (click the second attachment below for reference).

To enter your rollover:

  • Open (continue) your return in TurboTax.
  • In the TurboTax search box, enter 1099-R and press the Enter key, then click on the Jump to 1099-r link.
  • On the Your 1099-R screen, check the Yes next to Did you have any of these types of income in 2015? then click Continue.
  • Follow the prompts to either import or manually enter your 1099-R form and finish the interview, paying careful attention to the rollover questions if you made an indirect rollover.

For more information, see the FAQ below, What Is the Difference Between a Direct and an Indirect Rollover? https://ttlc.intuit.com/replies/3880707

[Edited 04/06/2016, 12:23pm PDT.]

View solution in original post

Carl
Level 15

How do i report retirement rollover

It only gets reported if you receive a 1099-R. Even then, while the code in box 7 ***MIGHT*** show it as a distribution, if you pay attention to detail when entering the 1099-R in the program, it will be reported for exactly what it is - a rollover.

If this was a trustee-to-trustee transfer and you never laid eyeballs on the money personally yourself, then it's very likely you will not get a 1099-R and nothing has to be reported. But if you even so much as laid eyeballs or touched the money in any way, form or fashion you can expect to get a 1099-R.

macuser_22
Level 15

How do i report retirement rollover

Rollovers from an IRA into a 401(k) are ALWAYS reported on a 1099-R, even if it is a direct trustee-to-trustee rollover.   If it was a direct trustee rollover  the 1099-R should have a code "G" in box 7.  That still must be reported on your tax return.

 

To be a direct rollover the IRA owner cannot have access to the money, but the IRA trustee can give the IRA owner a check to be delivered by the IRA owner to the trustee of the new plan.   The IRA owner does not have access to the funds as long as the check is made out to the new plan and not the IRA owner.

 

(Only trustee-to-trustee transfers of IRA's between IRA accounts or trustees are not reportable - changing from one type of account to another type  [IRA to 401(k] - is always reportable.)

**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.**
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