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What If I roll over money from one retirement account to my current 401k? Does that generate taxes? I am in my 30s while I rolled it over.

 
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CatinaT1
Expert Alumni

What If I roll over money from one retirement account to my current 401k? Does that generate taxes? I am in my 30s while I rolled it over.

No, this is not a taxable event, however, it is a reportable event.

 

If you do a roll over, I suggest you do a direct roll over. This means the money passes from one account to the other without coming to you first.

 

You will receive a 1099-R for the tax year you complete the rollover. This form will need to be reported on your return, but it will have a distribution code G indicating it was rolled over to another account. The Code G is what makes the amount of the rollover non-taxable. 

 

 

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