☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 3
posted Oct 8, 2023 8:42:28 AM

Direct rollover from one employer 401k to new employer 401k

I did a direct rollover from my prior employer's 401k to my new employer's 401k and noticed while working on my child's CSS profile for college that the rollover shows a taxable amount on line 5b. Shouldn't this line be "0"? The distribution code on my 1099-R was "G", the total distribution box was checked and box 2a was "0".  My return has already been completed and accepted back in April so I will have to amend but not sure what the issue is. Any ideas? Thanks!

0 2 1055
1 Best answer
Level 15
Oct 8, 2023 9:23:30 AM

why kind of 401K plan was the old one  - regular or Roth.?  did you mistakenly convert a traditional 401K to a Roth 401K?  probably the easiest way to find out is to contact your ex-employer. 

2 Replies
Level 15
Oct 8, 2023 9:23:30 AM

why kind of 401K plan was the old one  - regular or Roth.?  did you mistakenly convert a traditional 401K to a Roth 401K?  probably the easiest way to find out is to contact your ex-employer. 

Level 3
Oct 8, 2023 9:29:20 AM

I figured it out! It is actually related to the taxable portion of a life insurance policy sale but it appears on my tax return on line 5b which also has "Rollover" next to it to account for the 401k rollover, so the 401k rollover was not taxed. Thanks!