If you change jobs and can't carry over the retirement plan you had, and they send you a check to deposit into the new plan with new employer, how do you report that?

Retirement companies of the two employers were not the same, so the old retirement account sent a check to my husband, and he deposited it with the new retirement account. I'm sure we'll get a statement from the old retirement account showing it being withdrawn, what do we need to do to report that it was all sent to the new retirement account, and not used by us?

202

Level 15

Jan 9, 2023 10:46:14 AM

That would be a rollover. If a 1099-R is issued, you enter it in Turbotax and then the program asks what did you do with the money, you answer that it was all rolled over into another qualifying retirement plan. (In some cases, the old plan does not issue a 1099-R at all, although I will probably get the conditions wrong if I try to mention them. If you don't get a 1099-R by February 15, call the old plan and ask.)

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If you change jobs and can't carry over the retirement plan you had, and they send you a check to deposit into the new plan with new employer, how do you report that?