Hello, I moved a 401k account from an ex-employer to an existing mutual fund retirement account. I did not take any lump sums, but yet, I received a 1099 form. The taxable income reported was zero, but it shows the total amount transferred in box1 .
The question: Do I need to report this? And how? I am using TurboTax basic for web.
Thank you!
Was it a "Direct Rollover" from 401k to another 401k? Is there a code (g), on the 1099R?. You report it as a rollover with no taxable income. If you took a distribution the ruless are much different If the code on the 1099-R is (g), that's a good thing.
You report it on line 16 of the 1040 as a rollover. See the instructions for that line.
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