Do I have to claim a 1099r on my tax return if I have not touched any of the money?

Question

The 1099r is from a 401k that was transfered to a bank from the company i worked for and I can not touch it until I am 65

Answer 1

If it is an asset of yours you need to file it with your tax return. Whether or not it is income is the call of the IRS, not you.
Trying to cut corners on stuff like this is how you get in trouble. If it isn't income now, it may not be taxable, but don't try to outsmart stuff that is under your social security number. The guys with badges and calculators have figured out a few things over the years, remember how Al Capone got nailed for income tax evasion not being a mob killer?

Answer 2

If it was rolled over to an IRA or other qualified account than the 1099R should say that the amount of the distribution was whatever but the taxable amount is 0. You still have to file it on your taxes, but it will not make any difference in your taxes due or your refund.

If the taxable amount on the 1099R is not zero then it wasn't properly rolled over and then you not only are responsible for the income tax on it, but also a penalty if you are under the age 59.

Answer 3

If you were transfered that retirement account to another account then its a same account with a different management. Since you haven't spent any of it yet there's no early withdrawal penalty ( 30 % ) so you no need to worry about filing any taxes. But if you spent some of it, there will be 20% for early withdraw plus 10% penalty for early pre-taxed.

Answer 4

If you made a qualified Rollover you would still need to report this on your tax return, The amount of the Rollover is reported on line 16a, you would then write Rollover to the left of box 16b and enter -0- in box 16b.

Answer 5

If you got a 1099-R you'll show it on your return, but if you rolled it over into another qualified plan, you won't have to pay tax on it now, until you actually take it out.