topic Re: 401k Rollover in Get your taxes done using TurboTax

401k Rollover

robd1026 — Thu, 30 Sep 2021 16:05:58 GMT

Earlier this year I changed jobs. I went from a contractor to a full time employee, and I rolled my 401k from the contracting company to my IRA. Unfortunately, this was mistakenly not a direct rollover.

The 401k pay out came directly to me, and federal and state taxes were withheld. Since this could not be adjusted, I ended up making an indirect rollover for the full amount within the allotted time period (the withdrawal + taxes came out of pocket).

My understanding is I should be able to get back the amount I personally included to make the rollover whole in the form of a tax refund. Is this correct? What do I need to include when I file? Thank you.

Re: 401k Rollover

VolvoGirl — Thu, 30 Sep 2021 16:10:03 GMT

Yes you will get it back or it will count against any tax you owe like your self employment tax. You will get a 1099R form in January for it. That will show the tax withholding. Just enter the 1099R next year and say you rolled it over and the total amount you rolled over.

Re: 401k Rollover

AmitaR — Thu, 30 Sep 2021 20:06:20 GMT

Great answer VolvoGirl