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posted Jun 1, 2019 11:57:10 AM

I took a pension buyout in 2018 but did not deposit the check into my IRA until 2019. I took no cash.Do I have to wait until next year to report it?

I was told so long as I rolled my payout/buyout fully into my existing IRA i would not have to pay taxes on it at this time. I am under age 59 1/2 and I did not take any cash.  

0 2 540
2 Replies
Level 3
Jun 1, 2019 11:57:11 AM

If you rolled it over within 60 days, then you are correct, you don't have to pay tax or penalty on it.

Level 15
Jun 1, 2019 11:57:12 AM

And if the check was made out to your IRA instead of to you, reported with code G in box 7 of the Form 1099-R, there was no 60-day deadline for completing the deposit.

Since the distribution was made in 2018 and reported on a 2018 Form 1099-R, the distribution is reported entirely on your 2018 tax return.  This transaction should not appear on your 2019 tax return.