turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I converted my 401K to an IRA and then moved the IRA a different broker. The transactions were done electronically and completed in a week. Do I need to report these? Tx

Both IRAs referenced were traditional IRAs and moved in full. I did not keep any of the proceeds. Thanks.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I converted my 401K to an IRA and then moved the IRA a different broker. The transactions were done electronically and completed in a week. Do I need to report these? Tx

You will receive a Form 1099-R that reports the distribution from the 401(k).  This form must be entered into TurboTax and the result will appear on Form 1040 lines 5a and 5b with the ROLLOVER notation.

 

Whether or not the movement of funds from one IRA to another is reportable depends on how the funds were moved.  Ideally they would have been moved by nonreportable trustee-to-trustee transfer where the funds were never made payable to you personally.  However, if the funds were moved by a distribution paid to you which you then rolled over to the receiving IRA, that would be a reportable transaction similar to the one for the 401(k) distribution and rollover except that the result would be on Form 1040 lines 4a and 4b instead of 5a and 5b.

View solution in original post

2 Replies
dmertz
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I converted my 401K to an IRA and then moved the IRA a different broker. The transactions were done electronically and completed in a week. Do I need to report these? Tx

You will receive a Form 1099-R that reports the distribution from the 401(k).  This form must be entered into TurboTax and the result will appear on Form 1040 lines 5a and 5b with the ROLLOVER notation.

 

Whether or not the movement of funds from one IRA to another is reportable depends on how the funds were moved.  Ideally they would have been moved by nonreportable trustee-to-trustee transfer where the funds were never made payable to you personally.  However, if the funds were moved by a distribution paid to you which you then rolled over to the receiving IRA, that would be a reportable transaction similar to the one for the 401(k) distribution and rollover except that the result would be on Form 1040 lines 4a and 4b instead of 5a and 5b.

I converted my 401K to an IRA and then moved the IRA a different broker. The transactions were done electronically and completed in a week. Do I need to report these? Tx

Thank you @dmertz very much appreciated. 

The 401K to IRA were both with Fidelity so I guess that means I get a 1099 from them. 
The ira transfer was done electronically to Schwab (no check etc) so I guess that one won’t generate a 1099. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question