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Employee
June 1, 2019
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401(k) to IRA question

  • June 1, 2019
  • 1 reply
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I got a new job last year (2016) and transferred my old 401(k) to an IRA at my bank.  Is that considered a withdrawal?
Best answer by BobinCT

No, it's a rollover.  Assuming the entire gross amount was transferred to the bank, there will be no tax effect.  You will get a 1099-R form reporting it, and it DOES show on your tax return but doesn't get into taxable income.

1 reply

BobinCTAnswer
Employee
June 1, 2019

No, it's a rollover.  Assuming the entire gross amount was transferred to the bank, there will be no tax effect.  You will get a 1099-R form reporting it, and it DOES show on your tax return but doesn't get into taxable income.