2007-03-14 06:53:18 · 5 answers · asked by JB 1 in Business & Finance ➔ Taxes ➔ United States
Report the rollover on line 16A of the 1040, put -0- in box 16B and write in the margin next to the box 16B rollover
Publication 590
http://www.irs.gov/publications/p590/ch01.html#d0e4543
2007-03-14 07:10:09 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you transferred it to another 401k or an IRA then you declare the distribution but don't claim it as taxable income. Look at the front page of a 1040 and you'll see two lines for retirement plan distributions. First line is declaring the total amount of the distribution, the second line is the taxable amount.
2007-03-15 04:28:29 · answer #2 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
If you rolled it over into a rollover IRA or another 401K like a plan with a new employer, then it's not taxable income to you. You'd report the amount from the 1099 on your 1040 on line 16a, but would not include it in 16b.
2007-03-14 07:39:51 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
Yes, you have to report it. There is a line on the 1040 for pensions and annuities, line 16a. If you rolled it over directly into another 401k or an IRA, the taxable amount would be 0 on 16b.
2007-03-14 07:05:02 · answer #4 · answered by CarVolunteer 6 · 2⤊ 0⤋
Another qualified retirement account? If so, nothing to claim on your taxes.
However, if it wasn't put into a qualified account, you will be required to pay penalties and taxes.
2007-03-14 07:00:46 · answer #5 · answered by Jay 7 · 0⤊ 3⤋