I received a 1099-R for a 401k rollover. Do I need to report this still? Are they counting it as income?

Forum|Forum|2 years ago
January 31, 2024
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TurboTax Live Deluxe Online

Best answer by AnnetteB6

You do need to include the Form 1099-R as part of your tax return since the IRS has a copy of the form and will be expecting to see if on your return. However, it should not generate any taxable income if the full distribution was rolled over to a similar type of account.

As you go through TurboTax, you may see the rollover amount included on some summary screens as 'income'. That does not mean that it is taxable income, it just indicates that there was a distribution made in your name from an account.

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sherry052169

I received 1099-R after my return being filed. Understand it has to be reported via 1040X

And how to amend at state level?

Do I just mail a copy of 1099-R to FTB? Thank you

fanfare

Employee

does the distribution include any taxable income? if no, your tax will not be changing.

Did you e-File and get ACCEPTED?

The new e-File of 1040-X makes it very easy to file an amended tax return.

@sherry052169

VolvoGirl

Employee

Yes you need to report and enter all 1099R. It won't be taxable depending on what you rolled it into. What code is in box 7? Did they take any withholding out of it in box 4?

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit