topic My husbands company changed retirement plans from Edward Jones IRA to Mass Mutual 401k; they rolled everything over. IRS is now saying we have to pay taxes on it..? in Retirement tax questions

My husbands company changed retirement plans from Edward Jones IRA to Mass Mutual 401k; they rolled everything over. IRS is now saying we have to pay taxes on it..?

mrs-margeson — Tue, 10 Sep 2019 16:48:54 GMT

Re: My husbands company changed retirement plans from Edward Jones IRA to Mass Mutual 401k; they rolled everything over. IRS is now saying we have to pay taxes on it..?

dmertz — Tue, 10 Sep 2019 18:04:28 GMT

Edward Jones must have issued a Form 1099-R reporting this, otherwise the IRS would have no knowledge of this.

Did you receive the Form 1099-R?

Did you enter it into TurboTax as required?

What is the code in box 7 of the Form 1099-R?

Does box 2a show a zero taxable amount?

Even if the taxable amount in box 2a was zero and your tax return shows this as a nontaxable rollover, the IRS generally requires an explanation statement affirming that the rollover to the Mass Mutual 401(k) was actually completed since a receiving 401(k) plan provides no reporting to the IRS of receipt of a rollover contribution.

Re: My husbands company changed retirement plans from Edward Jones IRA to Mass Mutual 401k; they rolled everything over. IRS is now saying we have to pay taxes on it..?

Anonymous — Tue, 10 Sep 2019 18:41:21 GMT

the 1099 should have had code G in box 7. this would indicate to the IRS that it was a direct rollover and therefore you never got the money so it should be nontaxable.

when doing your return did you complete box 7?. what code did you use?

if the code on the 1099 is other than G post back in this thread

if it is, call the IRS at the number in the notice and explain it was a direct rollover so what do they want to show it's nontaxable.