No, you won't owe taxes on the rollover, but the IRS requires that you report it on
your return. According to the IRS, relating to rollovers from a 401(k) plan:
“A rollover occurs when you receive a distribution of cash
or other assets from one qualified retirement plan and contribute all or part
of the distribution within 60 days to another qualified retirement plan or
traditional IRA. This transaction is not taxable but it is reportable on Form 1099-R,
Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans,
IRAs, Insurance Contracts, etc. and your federal tax return. You can
roll over most distributions except for:
·
A distribution that is one of a series of
payments based on life expectancy or paid over a period of ten years or more,
·
A required minimum distribution,
·
A corrective distribution,
·
A hardship distribution, or
·
Dividends on employer securities.”
For more information, see 401(k)
Resource Guide - Plan Participants - General Distribution Rules.
For instructions on how to enter your rollover, see “To
enter your rollover” in a previous AnswerXchange response, below.
https://ttlc.intuit.com/replies/4928108
