topic Re: 401a qualified pension plan rollover in Retirement tax questions

401a qualified pension plan rollover

M023ab — Sun, 19 Jan 2025 16:25:44 GMT

hello all-

i rolled over a qualified 401a pension plan to a traditional IRA. plan now closed. the check was sent to me,made out to the new institution c/o my name on it. i in turn deposited the entire amount same day i received the check. 10 days from date on check.

does this get reported on line 5a,form 1040 as pension income, 5b tax amount 0,as i rolled over entire amount?

thank you m

Re: 401a qualified pension plan rollover

Bsch4477 — Sun, 19 Jan 2025 17:10:20 GMT

Correct.

Re: 401a qualified pension plan rollover

KeshaH — Sun, 19 Jan 2025 17:30:53 GMT

Yes, if there was no tax withholding and you rolled over the full amount of the distribution, the taxable amount of the distribution would be zero.

However, if there was any tax taken out of the distribution, you would have had to also put that amount into the new account to make it completely tax-free. If the tax was withheld and you didn't deposit it, that amount would be considered a taxable distribution subject to any applicable penalty.