I received a distribution from former company's ESOP program that I then rolled over to my Credit union's IRA. Where do I put that so I can get credit for opening an IRA? thx

ann-owen · ‎May 31, 2019

TomYoung · ‎May 31, 2019

You won't receive "credit" in the sense of some sort of income tax deduction since, effectively, you just moved money from one retirement plan to another.

You will receive an 1099-R reporting the distribution from the ESOP and you'll need to enter that 1099-R using the "IRA, 401(k), Pension Plan Withdrawals (1099-R)" interview. In the follow up questions you'll indicate that you put the distribution into an IRA.

Tom Young

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TomYoung · ‎May 31, 2019

You won't receive "credit" in the sense of some sort of income tax deduction since, effectively, you just moved money from one retirement plan to another.

You will receive an 1099-R reporting the distribution from the ESOP and you'll need to enter that 1099-R using the "IRA, 401(k), Pension Plan Withdrawals (1099-R)" interview. In the follow up questions you'll indicate that you put the distribution into an IRA.

Tom Young

I received a distribution from former company's ESOP program that I then rolled over to my Credit union's IRA. Where do I put that so I can get credit for opening an IRA? thx