401a qualified pension plan rollover

Forum|Forum|1 year ago
January 19, 2025
2 replies
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hello all-

i rolled over a qualified 401a pension plan to a traditional IRA. plan now closed. the check was sent to me,made out to the new institution c/o my name on it. i in turn deposited the entire amount same day i received the check. 10 days from date on check.

does this get reported on line 5a,form 1040 as pension income, 5b tax amount 0,as i rolled over entire amount?

thank you m

Bsch4477

Employee

Correct.

KeshaH

Yes, if there was no tax withholding and you rolled over the full amount of the distribution, the taxable amount of the distribution would be zero.

However, if there was any tax taken out of the distribution, you would have had to also put that amount into the new account to make it completely tax-free. If the tax was withheld and you didn't deposit it, that amount would be considered a taxable distribution subject to any applicable penalty.