topic Reporting rollovers in Retirement tax questions

Reporting rollovers

shad — Mon, 10 Feb 2020 19:24:49 GMT

I rolled two older 401(k) accounts into my current one in 2019. I have received 1099-R's from both of the old account managers, and both show it as a full distribution. Shouldn't I also receive something from my current account manager to prove that they were deposited, thereby completing the rollover? If so, when is the deadline for the company to make it available? The bank's website still says that I have no tax documentation available.

Re: Reporting rollovers

shad — Mon, 10 Feb 2020 19:46:16 GMT

I posted this question prematurely. I found the answer. For any others in a similar situation, here's the scoop: If the 1099-R shows the taxable amount (box 2a) as 0.00 and the distribution code (box 7) is G, then that's all the IRS needs to know that it was an institution-to-institution rollover, the money was never in your hands, and is therefore not taxable. Yet. 😉

Re: Reporting rollovers

dmertz — Mon, 10 Feb 2020 19:53:36 GMT

If the rollovers were to an IRA rather than to another qualified retirement plan like a 401(k), the IRA custodian will issue a Form 5498 reporting the rollover contributions to the IRA by the end of May, but this form is not needed to prepare your tax return. If the rollover was to another qualified retirement plan like a 401(k), the receiving plan will not report anything except to show the transaction on your account statement.