topic 401K rollover to IRA in Retirement tax questions

401K rollover to IRA

BrendaB651 — Wed, 11 Feb 2026 08:44:25 GMT

I had $225,000 rollover to IRA in local bank. The 401K people withheld $45,000 in Income Taxes. I just want to verify that I need to put $180,000 as the amount I rolled over on Form 1040. (The $180,000 is the amount of the check I received).....

THANK YOU

Re: 401K rollover to IRA

DawnC — Mon, 08 Apr 2024 20:26:12 GMT

You should have received a 1099-R for the distribution. Enter it exactly how you see it. After you are done, TurboTax tax will ask you what you did with the money. You will enter the amount you rolled over, and TurboTax will report the correct figures on Form 1040 automatically. Where do I enter a 1099-R?

Re: 401K rollover to IRA

SteamTrain — Mon, 08 Apr 2024 20:27:52 GMT

Duplicate:

Already answered by an expert... dmertz : Can't you find it?

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"You rolled over only $180,134. The $45,033 withheld for taxes remains a taxable distribution to you, includible on Form 1040 line 5b and, if you are under age 59½, subject to an early-distribution penalty on Form 5329."

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Rolled $225,167 from 401K. 401K manager withheld $45,033. deposited balance ($180,134) into IRA at bank. reported the amount rolled as $180,134. Just want to verify? (intuit.com)