topic Re: 401 rollover in Retirement tax questions

401 rollover

cdavidray — Thu, 19 Mar 2020 22:47:45 GMT

I retired 2019 and rolled over my 401 to a big name investment company. I received a 1099R from my former employer for the total distribution, but didn't receive anything from the investment company about it being directly rolled over...the total distribution was sent directly to the investment firm.

How should I report the rollover on my taxes?

Re: 401 rollover

bluedeb — Thu, 19 Mar 2020 22:50:30 GMT

Your 1099-R should have a code that determines it is a rollover. The codes for a direct rollover are "G" or "H" (if a Roth). TurboTax will pick up on this code and your distribution won't be taxable.

Re: 401 rollover

cdavidray — Thu, 19 Mar 2020 23:06:33 GMT

Thank you. Should the total amount be showing up as income?

Re: 401 rollover

bluedeb — Thu, 19 Mar 2020 23:11:34 GMT

Yes, as long as you entered the rollover code, it will not affect your return.

Re: 401 rollover

cdavidray — Fri, 20 Mar 2020 01:28:39 GMT

Thank you

Re: 401 rollover

bluedeb — Fri, 20 Mar 2020 01:40:05 GMT

Your Welcome!

Re: 401 rollover

kjh4 — Mon, 20 Feb 2023 17:52:51 GMT

That is my question, too. When it shows as income, then it effects other deduction amounts.

Re: 401 rollover

BrittanyS — Mon, 20 Feb 2023 19:31:52 GMT

To enter a rollover into TurboTax, you can follow these steps online:

Click Wages & Income
Scroll down to Retirement Plans and Social Security, Click Show more
Click Revisit or Start next to IRA, 401(k), Pension Plan Withdrawals (1099-R)
Enter 1099-R as it appears on the form
When asked Tell us if you moved the money through a rollover or conversion select I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days) and select Continue
On the next screen, Did you roll over all of this (Box 1) to another retirement account? answer Yes, I rolled over to an IRA or other retirement account (or returned it to the same account) and select Continue

@kjh4