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I left a job and I moved my 401k to a Traditional IRA with the same financial institution. I reported the 1099-R on my return as being non-taxable. Is that correct?

 
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2 Replies
MinhT1
Expert Alumni

I left a job and I moved my 401k to a Traditional IRA with the same financial institution. I reported the 1099-R on my return as being non-taxable. Is that correct?

Yes.

 

This is a nontaxable roll-over.

 

Enter your form 1099-R by following these steps:

  1. In TurboTax, open your tax return
  2. Click on Federal, then on Wages & Income
  3. Locate the section Retirement Plans and Social Security and click on the arrow on the right
  4. Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).
  5. Enter your form 1099-R and follow the interview
  6. When you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)

 

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I left a job and I moved my 401k to a Traditional IRA with the same financial institution. I reported the 1099-R on my return as being non-taxable. Is that correct?

Great!! Thanks so much.  I really appreciate the help!

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