topic Transferring from one 401k to another - should it be reported? in Retirement tax questions

Transferring from one 401k to another - should it be reported?

Richard67 — Mon, 02 Oct 2023 20:00:08 GMT

Hi,

My 401K has been 'transferred". from one parent company to another parent company as a result of a spin off. I understand this is a considered a "transfer" as the funds are transferred between the same type of accounts as opposed to a "rollover". My questions are as follows:

- while I understand the "transfer" isn't taxable, is it a reportable event on my tax return?

- relatedly, would a 'transfer" be reported on a 1099-R or some similar type of form?

Thanks Richard

Re: Transferring from one 401k to another - should it be reported?

VolvoGirl — Mon, 02 Oct 2023 20:14:35 GMT

It shouldn't be taxable. You may get a 1099R next January for it. It should have code G in box 7 for direct transfer. If you get a 1099R you need to report it.

Re: Transferring from one 401k to another - should it be reported?

dmertz — Mon, 02 Oct 2023 21:07:43 GMT

These sorts of transfers are sometimes reported by the company as rollovers, or are sometimes done nonreportably. If you receive a Form 1099-R reporting a rollover, you must report it on your tax return even though the income is not taxable.