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posted May 17, 2021 9:09:25 PM

If i entered form 1099R im being taxed and penalized for 401k distribution. i rolled it into another 401k plan. what form do i fill out to fix this?

im so confused i entered form 1099R 401k distribution but i didnt take the money i rolled it over into another 401k plan because the company switched. its showing up as income im being penalized and taxed

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1 Replies
Expert Alumni
May 18, 2021 5:44:48 AM

Please answer the follow up questions carefully. If you have code G in box 7 please follow these steps:

  1. Click on "Search" on the top right and type “1099-R”
  2. Click on “Jump to 1099-R”
  3. Click "Continue" and enter the information from your 1099-R
  4. "Did you move this money from a 401(k) to a Roth 401(k)?" answer "No" if it was moved into a regular 401 k.

 

If you have a different code in box 7, there will be follow up questions where you can indicate that this was a rollover:

  1. Enter your 1099-R 
  2. Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
  3. Continue answering the questions.