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Ladybugs442
January 30, 2025
Question

I switched employers and my 401k was directly rolled from Principal to Empower. No money was paid out. How do I report this in TurboTax so I don't end up owing tax?

  • January 30, 2025
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    Vanessa A
    January 30, 2025

    If you received a 1099-R, you will simply enter the 1099-R and then continue through the steps.  You should have code G in box 7 which will tell TurboTax that it was a direct rollover.  After you enter your form you will be asked additional questions to verify that it was rolled over.  This will keep the rollover from being taxed. 

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