Question

401k roll over

Forum|Forum|5 years ago
February 14, 2021
1 reply
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I took a distribution from pre-tax money in my 401k in December 2020. The money was sent directly to a trustee to open an IRA but the IRA was not opened until January 2021. Are there any tax implications for 2020? Do I need to file anything about the transfer with my 2020 tax return?

macuser_22

Employee

Yes. You must report the 1090-R for the distribution. A code G in box 7 is automatically a rollover. Say no to the two Roth questions and then it is automatically a rollover to a Traditional IRA.

That it spanned years is immaterial.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**