Question

401K roller

Forum|Forum|4 years ago
March 27, 2022
1 reply
0 views

Good afternoon,

In 2021 I rollovered my 401K from Securiguard to IRA.

However, I received 1099R but I didn't receive IRA form showing my contribution ? How I file in the tax return ?

Best,

Lam

DoninGA

Employee

A rollover is not an IRA contribution.

J

JillS56

You will receive a 1099-R for a rollover. The Code in box 7 should be a G. With that said, if you move money from a traditional IRA to a Roth, then that is a taxable event and you will receive a 1099-R with a 7 (normal distribution) in Box 7.

If you have not received a 1099-R for a rollover, you should contact the financial advisor who handles your IRA. Whoever your IRA account is with is who you should provide you with the 1099-R.

@DoninGA stated that a rollover is not a contribution. There is a difference between a rollover a contribution. A rollover is when you take funds from one IRA account and move them to another IRA account without taking a distribution. A contribution is when you take your money and give it to a financial advisor to put into an IRA. A rollover you do get a 1099-R with Code G and will not get a 1099-R with a contribution. A 1099-R is given when funds are distributed or when you rollover. Should you move funds from a traditional IRA to a Roth IRA this is considered a distribution and does result in a 1099-R.

@lamxdinh