In March 2017 I rolled over my 401k from my previous company into an IRA account. I did not receive any distribution from the rollover. The funds show up as a "Rollover IRA" account in Fidelity.
1. Do I have to report the rollover. On what form is it reported on? What form should I receive for the rollover?
2. Do I have to report any gains/losses for the Rollover IRA account and pay taxes on it for 2017? On what form to report. What form should I receive for the account?
3. Do I have to report any gains/losses for the Rollover IRA account and pay taxes on it for subsequent years? On what form to report. What form should I receive for the account?
Your responses to the questions are appreciated. Thanks!
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Yes - A distribution from a 401(k), including one directly rolled over to another qualified retirement account, is *always* reportable on a Form 1099-R. A rolled-over 401(k) distribution must always be reported on Form 1040 line 16 or Form 1040A line 12. You will not have to report any gains or losses within the fund and will only recognize income when you have a taxable distribution from the fund.
You should have received a 1099-R for this rollover distribution and you will need to report this on your tax return. You will need to contact your 401(k) administrator if you have not received your 1099-R.
Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)
To enter 1099-R information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "1099r" in the search bar then select "jump to 1099r". TurboTax will guide you in entering this information.
Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a)) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).
To preview your Form 1040:
Yes - A distribution from a 401(k), including one directly rolled over to another qualified retirement account, is *always* reportable on a Form 1099-R. A rolled-over 401(k) distribution must always be reported on Form 1040 line 16 or Form 1040A line 12. You will not have to report any gains or losses within the fund and will only recognize income when you have a taxable distribution from the fund.
You should have received a 1099-R for this rollover distribution and you will need to report this on your tax return. You will need to contact your 401(k) administrator if you have not received your 1099-R.
Because you received a 1099-R, the IRS will also have received a copy of this 1099-R. You will need to report this 1099-R distribution on your tax return but none of it will be taxable. Just make sure that when you are reporting this information into TurboTax that for the question "What Did You Do With The Money From (your retirement fund)?", answer "I moved the money to another retirement account (or returned it to the same retirement account)" (see screenshot)
To enter 1099-R information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "1099r" in the search bar then select "jump to 1099r". TurboTax will guide you in entering this information.
Please note that all distributions will be reported on your tax return (whether or not they are taxable) on Form 1040 on line 15(a) (or 16(a)) but only the taxable portion will show on your return as taxable on line 15(b) (or 16(b)).
To preview your Form 1040:
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