I rolled over my 401k into a Fidelity IRA. I didn't add or remove funds from the IRA during the year, though I did trade stocks. Is there anything that needs to be reported to the IRS on my tax return?
2007-06-19 12:43:31 · 3 answers · asked by Beermemarge 3 in Business & Finance ➔ Taxes ➔ United States
You should receive a 1099-R showing the amount rolled over. It won't affect your taxes, but will need to be shown on your return as a gross distribution, with -0- taxable. It should have a distribution code G. This will all be reported in the year you roll it over. Subsequent years will not have any reporting unless you withdraw from it.
2007-06-19 13:39:14 · answer #1 · answered by BS 3 · 3⤊ 0⤋
There will be no tax consequences from the trades. You will only have to include in income what you withdraw. There will be a 10% penalty on any funds you withdraw before age 59 1/2.
Hope this helps!
2007-06-19 14:03:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, not until you start withdrawing from it.
2007-06-19 13:19:17 · answer #3 · answered by Judy 7 · 1⤊ 0⤋