Transferred 1099-R from old job's 401k plan to new job's 401k. Do I need to claim this? Also they misspelled my name on the form!

[Paul6]

I received a 1099-R from my old job's 401k plan - I had them transfer funds to my new job's 401k plan. So I didn't actually cash anything. Do I need to claim this and say "yes" in the question "I got money from a non-qualified pension plan (such as 457)" on TurboTax?

Also my old work misspelled my name on the 1099-R form. Should I contact them to correct this?

[BillM223]

It is unlikely that your 401(k) plan is an unqualified plan.

Did you make this transfer within 60 days? If so, in TurboTax when asked what you did with the money, answer that you moved it to another retirement account. 

What was the distribution code on your 1099-R?

If your Social Security number is correct, a minor misspelling of your name should not be a problem.

[Paul6]

Hi BillM223, Thanks for the quick response!

Yes, I did the transfer/rollover within the 60 day allowed time.

The distribution code on the 1099-R that my old job sent me is "G"

OK, good to know the mis-spelling of my name shouldn't be an issue. Only the last 4 digits of my Social show up (the others are XX'ed out) - so hopefully they got those correct. But I'll still reach out to my old job and ask them to correct it. I was worried it would have to file for an extension to get that corrected first.

[VolvoGirl]

Code G means it was a direct transfer and not taxable.  I wouldn't worry about the name as long as your ssn is right.  

[BillM223]

Since the distribution code was "G", TurboTax should not have even asked you any questions (unless I am misremembering) because this code is only for amounts transferred to another retirement account.

Well, no matter, please check your 1040. Line 4c should report this distribution, next to it it should read ROLLOVER, and on line 4d, there should be a zero.

Note: if you had other 401(k) plan distributions, then they may be other entries added to 4c and 4d, but since you are still working, I am guessing that there are not.

4d shows the taxable amount of all your 401(k) distributions, which should be zero.

[Paul6]

Thank you for your quick response, VolvoGirl!!

You answered my questions/concerns. I was worried maybe I shouldn't enter this info since I did a direct rollover and this 1099-R reads like I got the full amount payed out by my old job ..but looks like the "Code G" clarifies that it's actually a rollover, and I won't get taxed and penalized.

[Paul6]

Thanks for the info and clarifications BillM223!!

Turbotax did ask me a few questions after entering in the 1099-R, but they were just follow-ups to the items I left blank on the 1099-R (because the actually are blank on my form), and making sure it's not a Roth IRA or Roth 401k (it's just a regular 401k - so "no" to all those questions).

About the 1040.. I don't think I have one of these forms. Should I have gotten one?

[VolvoGirl]

The 1040 is the tax return you are filling out to file.

Before filing,  You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

How to get a copy after filing

https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-get-a-copy-of-a-return-i-filed-thi...

[Paul6]

Thanks for clarifying that, VolvoGirl!!

After reading your response, I realise now I asked a pretty clueless question lol.. so the 1040 is my actual tax return I'm filling out. Lot of form numbers to keep track of. So thank you for your help and quick responses 🙂