Stupid tax question

[wryter2000]

I can't find a forum for taxes and finance...

i rolled a 401k over into a retirement account. It should have been tax free. I got a 1099 for a distribution of $66,000 with no income tax withheld. How do I fill out my tax form to indicate it was a tax-free rollover?

Thanks.

[Drum]

1. I don't have an answer to your query...

But can point ya toward the Personal Finance and Investing group here on DU:

https://www.democraticunderground.com/?com=forum&id=1121

[wryter2000]

7. Thank you

I will check it out

[ProfessorGAC]

2. There's A Box On The 1099

Look for a box with the letter "G".
That "G" designates this as a rollover.
Now, I don't know if there's a special form. I had HRB do my taxes that year.
It was weird to get a check with 6 zeroes on it. So, I wanted to be sure it was done right. Especially since money went to 4 destinations.
But, I remember the "G" thing.

[lastlib]

3. How is the distribution listed on the 1099?

Is it listed as a rollover? You may need to contact the 401k trustee for a correction if it isn't. When you file your taxes, include a statement from the IRA custodian showing the initial deposit. That would be at least some substantiation that you didn't receive it personally.

[wryter2000]

9. I found the G

I knew DU would have the answer, and now I know how it find the finance and investment group.

[debm55]

4. wryter 2000, I wish you luck. My husband has a trust and must ask for the money we need to be

approved by the board. We needed a new furnace. They paid for it. We were going to do it ourselves but the all we got was 6 pages of instructions. Went to H and R Block. She had no idea what to do. Had to come back the following day. I have three 401 K. I did not receive any tax forms for them. Was told that once you remove the money, taxes have to be paid.Maybe you do have to pay taxes on it,but your financial office should have sent the forms. The system is so messed up with paperwork that really doesn't tell you anything. I hope someone here can help you. Good luck

[progree]

5. If you would like, there's the Personal Finance and Investing Group

https://www.democraticunderground.com/?com=forum&id=1121 where tax issues are often discussed.

To your question, it's been so long (20+ years ago) since I did a 401k to IRA rollover, and it was a direct custodian to custodian transfer ... so I can't answer

But recently I took what's called a 60 day rollover from one IRA to another IRA -- I took a full distribution of a credit union IRA account -- they wrote checks to me which I deposited in my bank checking account ( a regular bank checking account, not an IRA ), and then electronically deposited it into my Vanguard IRA account (following instructions all along the way). Vanguard told me to be sure to check the "Rollover" box when I did it, which I did... and when I look at it online it indicates "rollover".

I haven't gotten anything taxwise from Vanguard showing that it was rolled over (and per the Interwebs, I won't until I get a 5498 in May). I'm hoping I can just tell TurboTax (when I do my taxes) that it is a rollover, and that will be it. The 5498 will be my evidence.

Edited to add: Seeing a response above about a "G" on the 1099-R, there isn't one on the 1099-R that I got from the credit union, just a distribution code "7" (Normal Distribution). That's because the withdrawal from the credit union IRA is what triggered the 1099-R, and even though I told the credit union that I would be rolling it over to another IRA, they would have no way of knowing whether I did that or not.

Yet another edited to add: I see from looking at the codes on the back of the 1099-R that code G is a "direct rollover of a distribution to a qualified plan ...blah blah ... or an IRA." Since I didn't do a direct rollover, I didn't earn a "G" code. It looks like with your "G" code, you have no worries at all.

STILL yet another edited to add:
from MLAA in post 10:
"Google says you report the amount rolled over on line 5a and the taxable amount on 5b and write rollover in the margin."
Yup, I remember reading that too. When I do TurboTax, I'm hoping and expecting to see something like that on the final result.

(rollovers via a direct custodian to custodian transfer is always preferable, but there were special circumstances in my case that I opted for the 60 day rollover thing described above)

(note to myself: N 715 DB a.d)

[progree]

8. There's a recent thread on just this subject at the Personal Finance group

rolling over a 401(k) from ex employer into an IRA...
https://www.democraticunderground.com/11214612

(oops, didn't mean it to be a reply to myself. Oh well)

[JT45242]

6. When I did a roll over from teacher pension it was a pass through

https://www.stratatrust.com/insights/how-to-report-rollovers-on-your-tax-return/#:~:text=On%20your%20Form%201040%20tax,the%20margin%20next%20to%20it.

You show zero taxable.

Good luck!

[MLAA]

10. I transferred part of a 401k to an IRA in 2021 and received same 1099 as you did.

1099 has boxes that are numbered. In the box marked 7, there should be a G indicating a roll over from a corporate 401k to an IRA. I had accountant do my taxes so not sure if you have to fill out any additional form but:

Google says you report the amount rolled over on line 5a and the taxable amount on 5b and write rollover in the margin.

But don’t take my word for it, I am not a cpa!

Good luck!

[ProfessorGAC]

11. Our Answers Are Nearly Identical

The letter "G", using a preparer, and not being sure about an additional form.

[MLAA]

14. Then I consider myself in fine company!

[wryter2000]

12. I found the G

I usually do Turbotax. I imagine it will help me get it right.

[underpants]

13. I have an accounting degree but I hated tax

Just hear to read the replies.