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New Member
posted May 31, 2019 9:48:24 PM

My former employee withdrew my 401k sending me a portion and sending the other portion to Millenium Trust Company.

I have never seen or touched the portion that was sent to Millenium Trust. Do I still have to file that?

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1 Best answer
New Member
May 31, 2019 9:48:26 PM

You should receive Form 1099-R from the financial instutiion where the 401(k) funds were held.

The 1099-R will report the distribution from your 401(k) as a partial rollover, which means that that portion will not be taxable (unless it was rolled into a Roth IRA).  The amount that you received will most likely be shown in box 2 as the taxable portion.  

You should not report the rollover separately as an IRA contribution, as this will trigger problems with the contribution amount.

Note:  All 1099-Rs must be placed in the mail by January 31, 2017.  If you do not receive your 1099-R by February 10, contact the financial institution that was handling your 401(k).

1 Replies
New Member
May 31, 2019 9:48:26 PM

You should receive Form 1099-R from the financial instutiion where the 401(k) funds were held.

The 1099-R will report the distribution from your 401(k) as a partial rollover, which means that that portion will not be taxable (unless it was rolled into a Roth IRA).  The amount that you received will most likely be shown in box 2 as the taxable portion.  

You should not report the rollover separately as an IRA contribution, as this will trigger problems with the contribution amount.

Note:  All 1099-Rs must be placed in the mail by January 31, 2017.  If you do not receive your 1099-R by February 10, contact the financial institution that was handling your 401(k).