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January 26, 2025
Question

Pension rollover

  • January 26, 2025
  • 1 reply
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I received a pension payout. I rolled it over to my current 401k plan. I did not take a distribution. Do I need to report this on my taxes, if the entire amount was rolled over?

1 reply

January 26, 2025

Yes. The rollover is not taxable, but you still need to report the rollover by entering your form 1099-R.

 

In TurboTax Online, enter your form 1099-R by following these steps:

  1. Open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income
  3. Navigate to the list of income categories
  4. Locate the section Retirement Plans and Social Security and click on the arrow on the right
  5. Click Start next to IRAs, 401(k), Pension Plan Withdrawals (1099-R).
  6. Enter your form 1099-R and follow the interview
  7. When you arrive to the page Tell us if you moved the money through a rollover or conversion, click on the radio button I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)
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