topic Rolled 401K to another 401K just a different company in Retirement tax questions

Rolled 401K to another 401K just a different company

kw-19 — Fri, 07 Feb 2025 19:47:59 GMT

Rolled 401K to another 401K just a different company

and it's showing up in my Total Income field

Re: Rolled 401K to another 401K just a different company

VolvoGirl — Fri, 07 Feb 2025 19:52:23 GMT

I assume you got a 1099R for it? What code is in box 7? Where is it showing up?

If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. Before filing you can preview the 1040 or print the whole return. It should be on 1040 line 5a and 0 on line 5b with the word Rollover by it.
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160

Re: Rolled 401K to another 401K just a different company

DoninGA — Fri, 07 Feb 2025 19:53:35 GMT

Disregard the summary for the rollover. Look at your actual tax return Form 1040 Line 5b

The Form 1040 Line 5b should have the word ROLLOVER and the amount on Line 5b 0

You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Re: Rolled 401K to another 401K just a different company

kw-19 — Fri, 07 Feb 2025 20:00:20 GMT

Box 7 shows G which should be a roll over code. In turbo tax under the "Here's a Picture of Your 2024 Income it shows the roll over amount has been added to Pensions-nontaxable. So the total income shows this amount. Is that correct? I'm not being taxed on that amount.

Re: Rolled 401K to another 401K just a different company

DoninGA — Fri, 07 Feb 2025 20:06:25 GMT

@kw-19 As stated - Form 1040 Line 5b will show a 0 for the taxable amount of the distribution.

Re: Rolled 401K to another 401K just a different company

kw-19 — Fri, 07 Feb 2025 20:07:07 GMT

Someone suggested reviewing the 1040 line 5 b and it does show as a roll over. Thank you for the response!