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Solved

401K to traditional IRA

Forum|Forum|2 years ago
January 7, 2024
2 replies
0 views

1. What information should I be looking for to come from the 401K company or the new IRA company? I did not touch the money, just rolled over and reinvested with new company.

2. Were and how will I show this on my turbotax return? Up until this year my tax returns have been pretty simple just 1040 and some simple itemizing.

Thanks

Best answer by dmertz

Because the money was not paid to you, it should be shown on the Form 1099-R with code G indicating a directly rollover. Answer No to both questions that ask if the rollover was to some kind of Roth account and TurboTax will automatically treat the distribution as having been rolled over to the traditional IRA, no other questions asked.

Employee

You will get a 1099-R from the 401k. Enter it in your tax return. When the program asks what you did with the money, there will be a box to check for "I rolled it all over into an IRA or other qualified account." The 401k must mail or make the 1099-R available electronically to you by January 31, although it might be ready earlier.

kxdadAuthor

Will this question come under Wages & Income?

What catagory under that section?

Thanks

dmertzAnswer

Employee

Because the money was not paid to you, it should be shown on the Form 1099-R with code G indicating a directly rollover. Answer No to both questions that ask if the rollover was to some kind of Roth account and TurboTax will automatically treat the distribution as having been rolled over to the traditional IRA, no other questions asked.

kxdadAuthor

Will this question come under Wages & Income?

What catagory under that section?

Thanks

Employee

Yes, Wages & Income -> Retirement Plans and Social Security -> IRA, 401(k), Pension Plan Withdrawals (1099-R).