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bpm7usa
New Member

Unaware of a 401k from previous job, I withdrew the entire balance when I learned it changed hands to a mutual fund as a rollover IRA. I probably have this account for years. What do I do?

Discovery and withdrawal all happened in 2019.
3 Replies
ColeenD3
Employee Tax Expert

Unaware of a 401k from previous job, I withdrew the entire balance when I learned it changed hands to a mutual fund as a rollover IRA. I probably have this account for years. What do I do?

If you physically withdrew the money and rolled it over, you should get a 1099-R showing that. When you get it, include on your return. If it was a trustee to trustee rollover, involving no payment or distribution to you, you should not be receiving Form 1099-R and there is nothing to report on your tax return.

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bpm7usa
New Member

Unaware of a 401k from previous job, I withdrew the entire balance when I learned it changed hands to a mutual fund as a rollover IRA. I probably have this account for years. What do I do?

Since I withdrew last year, would I receive the form 1099-R this year like I would my W-2 for earnings last year? Also do I have to file anything to make up for a lack of past reporting? My account statement says it opened in December of 2017 (which means I had my 401k in 2016 and likely before). Also I've got a Form 5498 (that came with the check) telling me what the rollover contributions were and what the fair market value of the account was.

KurtL1
Expert Alumni

Unaware of a 401k from previous job, I withdrew the entire balance when I learned it changed hands to a mutual fund as a rollover IRA. I probably have this account for years. What do I do?

Yes, you will receive a Form 1099-R this year on the distribution from your 401(k). These forms are required to be mailed out by January 31st.

 

You were not required to report any activity on your 401(k) for 2017. You do not need to file any forms related to the 401(k) that was opened in 2017. The 401(k) contribution should have been reported on your 2017 W-2.

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