topic Help please on transfer of 401k in Retirement tax questions

Help please on transfer of 401k

trevkate — Mon, 09 Mar 2026 05:26:05 GMT

Last year I transferred from my old employer's 401K to my new employers 401k. When I put in the amount of transfer on theW2- Turbo tax deducted tax from me- but I am not liable to pay tax for a transfer of funds- how do I stop Turbo tax charging me

Re: Help please on transfer of 401k

FangxiaL — Mon, 21 Feb 2022 01:08:48 GMT

Please clarify: Did you receive a Form 1099-R from the rollover? If not, you have nothing to enter. You don't enter any information on a Form W-2 if you don't have one.

Re: Help please on transfer of 401k

trevkate — Thu, 24 Feb 2022 19:40:02 GMT

Hello, I transferred my 401 K from Fidelity to Van guard- old employer to new employer's 401K company. I received a W2 from Fidelity with the amount and they say there is no tax liability and all other parameters on the W2 were zero dollars -. I f I add the amount on the W2 on turbo tax under income it takes off a tax amount? So I do not put this under income?

Re: Help please on transfer of 401k

JulieS — Thu, 24 Feb 2022 20:51:14 GMT

Please clarify, are you sure you received a Form W2 from Fidelity?

The transfer of a retirement account is not taxable as long as long as it is done correctly. More importantly, it is never reported on a W-2 form.

Please double check your form and then make sure you are entering it in the correct part of TurboTax.

Assuming you actually received a 1099-R, here is where to enter it:

Select Federal on the left side menu.
Under Wages & Income, find IRA, 401(k), Pension Plan Withdrawals (1099-R).
Select Add/ Edit to the right.
Answer Yes on the next screen.
Scroll to the bottom and click Skip this.
Click Continue.
Scroll to the bottom and select Change how I enter my form.
On the next screen select, I'll type it in myself.
On the next screen select 1099-R
Click Continue.
Fill in the next screen with the figures from your form.
Continue until you finish this section.
If you are asked if you rolled the amount over, answer Yes.

If you tried to enter your 1099-R in the W2 screens, you need to delete that as well.

Select Federal on the left side menu.
Select Income and Expenses toward upper left.
Select Start or Update to the right of W2 forms.
Delete the incorrect entry by clicking the trash can to the right of your entry.