Last year, I rolled over the funds in two 401ks (from previous employers) into my current employer's 401k. I.e., I just went from 3 plans to one. I didn't keep any of the funds, etc.
I received two 1099-R (from the plans I closed). Do I have to report this?
I'm using TurboTax, but didn't see a prompt. I'm thinking maybe I don't, but having the forms & not doing anything with them makes me nervous. :-)
2007-03-18 12:18:55 · 8 answers · asked by Bill 2 in Business & Finance ➔ Taxes ➔ United States
If you received 1099s you would report the gross distributions on line 16a of Form 1040. You would put 0 for the taxable amount on line 16b. Write "rollover" next to it.
2007-03-18 12:22:27 · answer #1 · answered by tma 6 · 1⤊ 0⤋
All 1099s need to be reported, they have been sent to the IRS. You would go to the section on pensions in Turbo Tax and report it there. There is a box you mark somewhere, (I don't know Turbo Tax), but the box would say that it was rolled over. There is also a code on the 1099s showing the type of distribution. It would not be taxable as long as you marked that it was rolled over within 60 days of the distribution.
2007-03-18 13:52:01 · answer #2 · answered by irongrama 6 · 0⤊ 0⤋
If you received 1099-R's for them then you should report them. All 1099-R's have a code on them. I can't remember for sure which box it is. The code on the 1099's you received for the rollovers will tell the IRS that they are just rollovers. You won't actually be taxed on the money or anything like that.
2007-03-18 12:23:04 · answer #3 · answered by k_hart100 3 · 0⤊ 0⤋
You should go back and do the Turbo Tax dialogue. I believe if you did a direct rollover to the new employer's 401K you do not need to report it. If you took the money and then deposited it you will need to report it.
2007-03-18 12:23:02 · answer #4 · answered by rogeliogreen 2 · 0⤊ 0⤋
You need to enter the information into your return.
The question would be something like "Did you receive retirement distributions?" If you enter all the data from the 1099Rs the program will handle the rollover properly.
The code in Box 12 will be G, be sure to enter that.
2007-03-18 15:32:00 · answer #5 · answered by ninasgramma 7 · 0⤊ 0⤋
I used Tax Cut this year. It did have me enter the info from the 1099 from my rollover, but I don't recall if it actually put it on the tax return or not. I too didn't keep any and the withholding was zero.
2007-03-18 12:26:54 · answer #6 · answered by Uncle Pennybags 7 · 0⤊ 2⤋
Yes, if you received forms, you have to report it as a retirement plan distribution. When it asks for taxable amount, though, that will be zero.
2007-03-18 12:22:51 · answer #7 · answered by Judy 7 · 2⤊ 2⤋
Listen to the first two answers,, right on.
2007-03-18 12:31:01 · answer #8 · answered by Jeff 3 · 1⤊ 1⤋