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posted May 31, 2019 7:00:03 PM

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

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1 Best answer
Level 13
May 31, 2019 7:00:06 PM

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


1 Replies
Level 13
May 31, 2019 7:00:06 PM

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