topic Do I have to document when rolling a 401k to another employers 401k? in Retirement tax questions

Do I have to document when rolling a 401k to another employers 401k?

crue511 — Sun, 09 Feb 2020 14:07:44 GMT

Re: Do I have to document when rolling a 401k to another employers 401k?

AnnetteB6 — Sun, 09 Feb 2020 15:12:01 GMT

Yes. Even though there is no tax consequence for rolling one 401k into another 401k, you will receive a Form 1099-R reporting the distribution from the first 401k. That Form 1099-R needs to be included as part of your tax return.

I entered a 1099 Rand it is a rollover but

020360010 — Sat, 29 Feb 2020 15:33:57 GMT

I entered the 1099 r and it is a rollover but it looks like the rollover amount is included in my income and so taxed. What do I do?

Re: I entered a 1099 Rand it is a rollover but

ColeenD3 — Sat, 29 Feb 2020 16:36:37 GMT

Look at your 1040 to be sure it is actually included in income. It would appear on Line 4d. If it is, look at your 1099-R. Is there a code "G" for rollover? If not, did you withdraw the money and roll it over yourself or did the administrator neglect to include the proper code.

There is an area in the program that you can indicate that you rolled it over within the 60 days. This would remove it from being taxable. If you still have trouble, delete the 1099-R and re-enter it.

Re: I entered a 1099 Rand it is a rollover but

020360010 — Sat, 29 Feb 2020 19:28:27 GMT

Thanks! Think understand and entered all correctly.