Question

Received total distribution of funds from my previous employer but rolled all the funds into another account.

Forum|Forum|2 years ago
April 14, 2024
1 reply
0 views

Do I need to pay taxes on this year federal tax return?

TurboTax Online

As long as the funds were transferred directly to the new account (or deposited by you within 60 days and in compliance with the one rollover per year rules), there will be no tax due on this transaction.

However, the transaction is reported on your tax return from the information provided on a Form 1099-R. If you actually made the transaction in 2024, it will be reported next year. Otherwise, you will report it this year and need to track down that form. It would be issued by the old provider.

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