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If I rolled over a previous IRA to my current employers 401k plan, but I did receive a check and did the transfer myself, do I still have to pay taxes on this?

I definitely deposited the check within the required time frame and got confirmation from my 401k that it was received.
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1 Reply
DanaB27
Expert Alumni

If I rolled over a previous IRA to my current employers 401k plan, but I did receive a check and did the transfer myself, do I still have to pay taxes on this?

No, if you deposited the check within 60 days then this isn't taxable. Please follow these steps to enter your rollover:

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “1099-R”
  3. Click on “Jump to 1099-R” and enter your 1099-R
  4. 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)"
  5. Continue answering the questions.

 

You can verify your entry by looking at your Form 1040 line 4. Line 4b should be $0 and rollover should be next to it:

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left
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