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New Member
posted Feb 18, 2021 12:06:10 PM

I am completing the 1099-R section and it's asking me "Where is your distribution from?" It's a 401k to ROTH IRA rollover. Do I select General Rule? Or none of the above?

Here are the options:

Military pension or survivor's benefits
Disability benefits (under age 65 only)
Three-year rule pension or 401(k) benefits
General rule pension or 401(k) benefits
None of the above

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3 Replies
Expert Alumni
Feb 18, 2021 12:46:57 PM

Yes, you can select General Rule, unless you want to spread your distribution over a three-year period.

 

You will report the Rollover of your 401K distribution to a Roth IRA in the follow-up screens after entering your 1099-R.

 

Click this link for more info on Covid-related early distributions. 

 

 

 

New Member
Feb 19, 2021 7:57:23 AM

Are you sure this is the correct option? When I select General rule my refund increases, but when I select blank/none of the above I owe money to NJ. I don't want to mess this up. Also when I select General rule it's asking me for the values below. Where do I find this information? This was a one time rollover that happened in 2020 from a portion of my 401k to a ROTH IRA. The entire amount should be taxable. 


Part D ' General Rule Method

1 Contributions made to the plan: 
Expected return on contract (total sum of distributions - past, present, future): 

Expert Alumni
Feb 22, 2021 12:25:55 PM

You may need to calculate the taxable amount of your pension for New Jersey, depending on your age and whether any of your contributions were after-tax.  This should be indicated in Box 5 of your 1099-R, with Code G in Box 7 to indicate a Rollover. 

 

If you were not required to contribute to your retirement plan while you were working, it is a noncontributory plan. All the amounts you receive from that plan are fully taxable.

 

Click this link for more info from New Jersey Division of Taxation