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Took employee 401k and used to open ira

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Took employee 401k and used to open ira

Did you do a Rollover to the IRA?   Did you get a check and deposit it in the IRA within 60 days?    You should have a 1099R for it.  Did they take any tax withholding out of it?  It should not be taxable unless you didn't replace the withholding when you deposited it into the IRA.  Then the withholding will become taxable.  

 

Enter a 1099R under
Federal Taxes on left
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

 

Steps to enter a non taxable Rollover
Log into TurboTax and bring up the 1099-R that you posted.
Continue in the interview
Do any of these situations apply to you? - None of these apply
How much of the $XX,XXX was a RMD? - None
Tell us if you moved the money through a rollover or conversion
I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)
Did you roll over all of this $XX,XXX (Box 1) to another retirement account?
Yes, I rolled over $XX,XXX to another traditional IRA or retirement account (or returned it to the same account).
Complete the interview.

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