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Tax question about a 401K rollover
Posted on 3/9/14 at 11:39 pm
Posted on 3/9/14 at 11:39 pm
Just getting around to working on some tax stuff and noticed I recieved a 1099-R form for a rollover I did last year. I took 38K and moved it from a 401K to an IRA.
It shows up as a gross distribution in box 1, but for box 2a "taxable amount" it says $0.00.
and for box 4 federal income tax withheld it says $0.00.
The $38K simply was placed into an IRA. It is still there and has not been withdrawn.
Is this just some simple form or is this actually stating I should be taxed on the $38K?
It shows up as a gross distribution in box 1, but for box 2a "taxable amount" it says $0.00.
and for box 4 federal income tax withheld it says $0.00.
The $38K simply was placed into an IRA. It is still there and has not been withdrawn.
Is this just some simple form or is this actually stating I should be taxed on the $38K?
6
Posted on 3/9/14 at 11:41 pm to lesmiles13
Definitely not a taxable event. You moved it from one tax-deferred account to another tax-deferred account.
Posted on 3/9/14 at 11:52 pm to lesmiles13
The form reports the amount that you moved to the IRS, as required, but box 2a also reports to the IRS that none of the transaction is taxable.
This post was edited on 3/9/14 at 11:52 pm
Posted on 3/10/14 at 1:32 am to lesmiles13
What is the Distribution Code in Box 7? The entry for a direct rollover is G.
Posted on 3/10/14 at 4:52 am to lesmiles13
If u rolled it over to a financial institution they will send another form(5498) basically proving the non taxable event and making your 1099 null and void.
This post was edited on 3/10/14 at 4:54 am
Posted on 3/10/14 at 6:35 am to lesmiles13
quote:
Is this just some simple form or is this actually stating I should be taxed on the $38K?
As long as G-Direct Rollover is checked, you are fine.
Posted on 3/10/14 at 9:06 am to Lsut81
quote:
What is the Distribution Code in Box 7? The entry for a direct rollover is G.
Yes it does say G
Posted on 3/10/14 at 9:10 am to lesmiles13
You are fine. You owe zero income tax. You do have to report the distribution on Line 16a of Form 1040, but you can leave Line 16b blank and report zero taxable distribution.
Posted on 3/10/14 at 10:45 am to lesmiles13
Did you roll it over to a Roth or to a traditional?
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