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V
vmanno03
February 17, 2023
Question

Rollover Investments

  • February 17, 2023
  • 1 reply
  • 0 views

I rolled my pension account from a 403B to a standard 401K with the same company.  

I recorded it on my taxes.  Should I have NOT have reported it?

It is charging me the amount as income.

    1 reply

    O
    Opus 17
    Employee
    February 17, 2023

    First, are you sure that's what you did?  403b plans can only be offered by non-profits.  It would be very unusual for the same company to have a 401k and a 403b.

     

    Second, if you got a 1099-R from the 403b, one of the first questions after entering the 1099 is "did you rollover these funds to another qualified account?"  You should answer Yes, and the withdrawal won't be taxable. (Note that you must complete the rollover within 60 days or it doesn't count.)

    V
    vmanno03Author
    February 17, 2023

    Yes it is the same investment company.  I had a 403B from a non-profit company.

    All the questions about rolling over in turbo tax asks about a Roth.  I did not rollover to a Roth.

    I did not see this question as mentioned below:

    "did you rollover these funds to another qualified account? Answer yes.

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