Forgot to add my 1099! Help, please!

[melissaforpeace315]

So given that I completed a rollover (in 2020) from my old 401k custodian to my new 401k custodian, and forgot to input the 1099 from the old 401k custodian to my 2020 taxes, do I HAVE to file an amended tax return?   

What if I don't?   Will the IRS come get me?

Can I just not file an amended tax return and wait for the CP2000 to arrive and that's when I can send them my new 401k custodian's statement that says that I've indeed rolled it over?

[Vika K]

If you e-filed, do not do anything, until your return is accepted and you receive your refund. IRS have a way of correcting minor mistakes, missing forms, etc. If your form 1099-R has it a direct rollover, you should be ok. If it does not, and says distribution, you might have to file an amended to set everything straight. sending IRS letter explaining- not going to do anything, they work only with tax returns. So your plan will be:1. wait until IRS accepts 2. wait for a refund. 3. wait for the letter- if IRS corrects and no action needed- you will get a letter. if you get a lesser of a refund- you need to file an amended showing a rollover.

 If you filed using TurboTax, your amended is free.

Good luck

[AmyC]

Because it is a 1099G that was rolled over, the IRS probably won't even send you a letter. If you took the money into your hands and you rolled it over, the IRS will send you a letter saying you owe money - in 3 years with penalties and interest. 

So, if you took the money into your hands, it would be advised to do an amended return. Once your return is accepted and the finances are settled, you can file an amended return. 

• Save a copy of the original return before doing an amended return. See: 
  • how to file an amended return.
  • Can I e-file my 1040X to amend my return?
• Track amended return status online. Taxpayers can track the status of their amended tax return in English and Spanish using Where’s My Amended Return?  Amended returns take up to 16 weeks to process and up to three weeks from the date of mailing to show up in the system.

[melissaforpeace315]

@AmyC Wait I received a 1099-R, not a 1099-G?    Do I still need to file an amended return?

What if I don't? Will the IRS come get me?   

Can I just want until the CP2000 gets sent to me so that I can provide a Statement of my current 401k custodian showing that it was indeed rolled over, and thus not "cashed out"?

Thanks so much!

[AmyC]

Hahaha, we both did it! Yes, a rollover is on a 1099-R, box 7, probably code G, maybe an H. IF the money was rolled over with a code G or H, then you don't need to worry. If box 7 has a number like 1 or 2, where it says you got the money, then you need to let the IRS know that you rolled it over.