Transferring from one 401k to another - should it be reported?

Forum|Forum|2 years ago
October 2, 2023
2 replies
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Hi,

My 401K has been 'transferred". from one parent company to another parent company as a result of a spin off. I understand this is a considered a "transfer" as the funds are transferred between the same type of accounts as opposed to a "rollover". My questions are as follows:

- while I understand the "transfer" isn't taxable, is it a reportable event on my tax return?

- relatedly, would a 'transfer" be reported on a 1099-R or some similar type of form?

Thanks Richard

TurboTax Premier Online

Best answer by dmertz

Expert Reviewed

These sorts of transfers are sometimes reported by the company as rollovers, or are sometimes done nonreportably. If you receive a Form 1099-R reporting a rollover, you must report it on your tax return even though the income is not taxable.

VolvoGirl

Level 15

It shouldn't be taxable. You may get a 1099R next January for it. It should have code G in box 7 for direct transfer. If you get a 1099R you need to report it.