401 rollover to IRA

bwshoes4 — Sun, 02 Feb 2020 22:47:39 GMT

In November of 2019 I closed my 401 with Nationwide California's savings plus program, I planned to roll the money over into an IRA at Ally Bank, which i did, however Nationwide sent me a 1099-r indicating I had closed the account. They also deducted both state and fed taxes. I opened the IRA with Ally within the 60 day window allowed, funding it with the full amount of the Nationwide 401 (I used my money to make up for the tax that had been deducted by Nationwide). . I do not see how to handle this in TurboTax. It looks like if I report the 1099-r from nationwide it will appear as income and I will be taxed for it. How do I indicate that although I closed the 401 I opened the IRA with the same amount?

Re: 401 rollover to IRA

ColeenD3 — Sun, 02 Feb 2020 23:04:55 GMT

As you progress through the 1099-R screen, you will be asked what you did with the money. You can indicate the rollover.

Answer the question that you moved the money to another retirement account. The screen will open up with choices of where it was moved. For a partial rollover or a total rollover, say you moved the money then enter the amount of rollover.

topic Re: 401 rollover to IRA in Retirement tax questions

401 rollover to IRA

Re: 401 rollover to IRA