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

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

hakola23
New Member

I just filed my taxes for 2020 and noticed on my return that the early withdrawal I did from my 401K shows rollover. I didn’t rollover that money to another 401K or IRA. Why would it say that?

 
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.

2 Replies
DanaB27
Expert Alumni

I just filed my taxes for 2020 and noticed on my return that the early withdrawal I did from my 401K shows rollover. I didn’t rollover that money to another 401K or IRA. Why would it say that?

When you entered the 1099-R there were follow-up questions, you might have accidently answered one of them indicating a rollover. What was the code in box 7?

 

Since you have already submitted your return you will need to see if your return gets accepted or rejected. Please be aware that the IRS currently won't start processing returns until February 12, 2021.

 

  • If your return will be rejected by the IRS, then all you have to do is make the changes on your return and refile. Read the retirement questions very carefully.
  • If your return will be accepted by the IRS, then you have to file an amended return (1040X) to make changes. But you might want to wait until your refund or payment is processed. Please be aware that you can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail.

 

 Please see FAQ How to amend a tax return for instructions.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dmertz
Level 15

I just filed my taxes for 2020 and noticed on my return that the early withdrawal I did from my 401K shows rollover. I didn’t rollover that money to another 401K or IRA. Why would it say that?

As asked by DanaB27, what is the code in box 7 of the Form 1099-R provided by the payer?

Does your tax return include any other distributions that were rolled over?

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies