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Level 1
posted Feb 21, 2021 4:24:58 PM

I rolled out previous employer 401K to IRA in 2020. I didn't receive 1099-R though I received 5498. Where should I report this ? Are these considered as contributions ?

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5 Replies
Level 15
Feb 21, 2021 4:33:17 PM

You rolled over a 401K to a IRA?  If you did a direct transfer from the 401K you might not get a 1099R and you don't need to report it.  Ask the plan if you will get a 1099R.  

 

No. It is not a new contribution.  Do not enter it under Deductions.  You don't report the 5498.

Level 1
Feb 21, 2021 4:35:37 PM

Thanks. Yes - I did a direct rollover from 401 to IRA.

Level 15
Feb 21, 2021 9:27:16 PM

A rollover from a 401(k) to an IRA must always be reported on a Form 1099-R.  Contact the former employer's plan administrator to obtain the missing form.  In the case of a direct rollover, that Form 1099-R will have code G in box 7.

 

If the former employer's plan was not a 401(k) but was instead a SEP-IRA or SIMPLE IRA plan, a trustee-to-trustee transfer from one IRA to another would not be reportable on either a Form 1099-R or in box 2 of Form 5498.

New Member
Apr 21, 2022 7:29:30 AM

I had a IRA going to another IRA, as a direct rollover. And did not recieve a 1099-R from the original IRA. I see in this message that I do not have to include in my TAX forms. Is that correct?

Level 15
Apr 21, 2022 8:19:59 AM

A trustee-to-trustee transfer of an IRA form one custodian directly to another is neither a distribution nor a rollover, so it is not reportable.