I received a 1099-R form for 2020 after having the entirety of my 401(k) from my previous employer directly rolled over into a Traditional IRA. For reference, the taxable amount in box 2a of my 1099-R is $0 and the distribution code in box 7 is "G". Also, I'm filing in New York State and I'm 24 y/o. After inputting the information from form 1099-R, it asks me "Where is your distribution from?", with these four options:
1. Retirement distributions from:
2. Retirement distributions from:
3. Not eligible for exclusion for those over age 59 1/2
4. None of the above (select for deferred compensation 457 plans)
Which of these options would I choose? I know it wouldn't be #1 or #2, as this 401(k) was from a retail/customer service job. But I don't know which of #3 or #4 applies, as the wording of #3 is confusing and I don't have a deferred compensation 457 plan mentioned in #4.
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It depends. For example, If you received a distribution from a pivate financial entity, you may select Certain annuity funds. Form 1099-R is used to report distributions from annuities, profit-sharing plans, retirement plans, IRAs, insurance contracts, or pensions, or any other qualified retirement plans.
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