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Louie520
New Member

I received a disbursement from a pension plan (4526.58) and had the money rolled into my 401K with the same employer I received a 1099R. I was told this is not taxable is that correct?

 
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Carl
Level 15

I received a disbursement from a pension plan (4526.58) and had the money rolled into my 401K with the same employer I received a 1099R. I was told this is not taxable is that correct?

It depends. You enter the 1099-R *EXACTLY* as printed. Then on the screens that follow, read EVERY word and make the property selections. The small print matters, big time. If unsure of anything after doing this, just post back and we'll need to know the code or codes in box 7 of your 1099-R, in order to assist you more effectively.

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2 Replies
Carl
Level 15

I received a disbursement from a pension plan (4526.58) and had the money rolled into my 401K with the same employer I received a 1099R. I was told this is not taxable is that correct?

It depends. You enter the 1099-R *EXACTLY* as printed. Then on the screens that follow, read EVERY word and make the property selections. The small print matters, big time. If unsure of anything after doing this, just post back and we'll need to know the code or codes in box 7 of your 1099-R, in order to assist you more effectively.

View solution in original post

dmertz
Level 15

I received a disbursement from a pension plan (4526.58) and had the money rolled into my 401K with the same employer I received a 1099R. I was told this is not taxable is that correct?

Enter the Form 1099-R as received and in the follow-up questions indicate that you moved the money to another retirement account (or back to the same account) and that you rolled over all of the money.  TurboTax will place the gross amount on Form 1040 line 16a (or Form 1040A line 12a) but will exclude this amount from the taxable amount on line 16b (or 12b).  TurboTax will also put the word "ROLLOVER" next to this line.

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