topic Re: 401K in Retirement tax questions

401K

Perita11 — Thu, 18 Mar 2021 18:08:59 GMT

I roll over my 401K to an IRA account but I received a 1099R, where do I'am going to report in my taxes?

Re: 401K

SamS1 — Thu, 18 Mar 2021 18:58:03 GMT

You need to report in the IRA, 401K,Pension Income section of TurboTax under Income & Expenses. Box 7 of your 1099R should have a code G to indicate a rollover. If you rolled the entire balance, none will be taxable to you. After you have logged in and are in your return in TurboTax Online:

Go to Search at the top of the screen.
Enter Form 1099-R in the search box.
You will see a Jump To function that will take you to the 1099-R input screens.
Then add a new 1099R and manually enter your 1099R.

At the financial services screens, click "Change how I enter my form" then "Type it myself"

Re: 401K

tsncampngo — Sun, 11 Apr 2021 04:33:37 GMT

Hi - I have distribution from a 401K to IRA, and the 1099-R box 7 shows G. TurboTax is looking as though I getting taxed (my Fed Tax Due jumped substantially!!!)

Re: 401K

JohnB5677 — Sun, 11 Apr 2021 18:01:58 GMT

If you continue through the interview you will come to one of two questions

Did you rollover all of this $1,200.00 (Box 1) to another retirement account?
Or it may say What did you do with the money

This is where you resolve that you rolled it into the new IRA.