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I recently converted my 401k to an IRA. I then transferred the account to another firm. I made no withdrawals. Are there any special issues I'll have when I file?

 
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ThomasM125
Expert Alumni

I recently converted my 401k to an IRA. I then transferred the account to another firm. I made no withdrawals. Are there any special issues I'll have when I file?

If you had the funds rolled over directly from your 401-k plan to a traditional IRA, then you may not receive a form 1099-R and you won't need to report it on your tax return. 

 

If you do receive a form 1099-R, then you need to report it in the Retirement Plans and Social Security income section in TurboTax. If it is coded properly, you will not owe any tax on the roll over.

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I recently converted my 401k to an IRA. I then transferred the account to another firm. I made no withdrawals. Are there any special issues I'll have when I file?

Thanks for the info. I know there will be no tax, but I figured the paperwork would be involved. I'm sure I'll get a 1099-R so I'll muddle my way through Turbotax when everything gets here. Thanks again for the reply.

I recently converted my 401k to an IRA. I then transferred the account to another firm. I made no withdrawals. Are there any special issues I'll have when I file?

You may get no 1099R forms or get 1 or 2.  If you get a 1099R enter it exactly as shown.   If it shows up as taxable then come back and ask.

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