Will I receive a 1099 if I initiated a direct rollover of my 401(k) account in 2023, but the money wasn’t deposited into the new retirement account until 2024?

I changed jobs and decided to do a direct 401(k) rollover into a new financial institution. The employee at the previous financial institution told me I would receive a 1099, but I wasn’t sure if I’d receive it for this tax year or next because the money wasn’t deposited until January 2024.

431

Expert Alumni

Feb 8, 2024 4:52:39 PM

If you did a direct rollover, it is not taxable to you. If the money left your account in 2023, the form should be for 2023. You may want to confirm the date of the distribution before you file. You may have initiated it in 2023, but they may have actually distributed the money from your 401(k) in 2024 - - which would make it a 2024 form 1099-R - Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

The deposit date doesn't impact the 1099-R, only the distribution date.

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Will I receive a 1099 if I initiated a direct rollover of my 401(k) account in 2023, but the money wasn’t deposited into the new retirement account until 2024?