Did not roll over 401k. Just left it in the account and forgot about it. How do I file it?

[HelenaC]

Do you mean you received your 401(k) monies and left the monies in a savings/CD/checking account? Did you receive form 1099-R?

[butialr]

I left it in the account of the bank that oversees the 401k.  The company that I work for had a Union 401k that I never contributed to. I never applied to join it. But for reasons I can not explain, somehow the Union had to open up a account for me (even though I did not contribute).  A couple of years ago the Company established a 401k and the Union ended their 401k.  I never rolled over 401k.  I know I must have been informed but I forgot about it.  So it still sits in a MassMutual account.  The only reason I remembered about it now is that a Form 1099-R came in the mail. I was answering the turbo tax questions, but now I'm a little stuck because I did not roll it over but I did not cash it neither.

[HelenaC · Accepted solution]

If the 60 day time period to 'rollover' your 401(k) has passed, it is considered cashed out. You will have to include it on your income tax return and pay taxes and/or there may be a penalty for early withdrawal.

See the screenshot below on how to answer the TurboTax What Did You Do With The Money From xxx? question. Note, it says I did something else with it (cashed out, etc).

TurboTax will ask you some questions to see if you qualify for any exceptions to the penalty.

https://ttlc.intuit.com/replies/5397743