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Rollover of 401k

A quick question for the better educated; thank you for saving me some research time.

I received a form 1099-R for a 401k distribution. I left the company; it was rolled straight to another company. Block 7 Distribution Code is 'G'.

Now - can I just completely ignore this on my taxes, or will I find a place to enter it, and then another place to back it out?

Thanks!

========================================= MODERATOR'S COMMENT: The IRS asks you to add the 1099R Gross Distribution amount to Form 1040 Line 16a, and add nothing to line 16b. At the left of Line 16 write the word Rollover. That's it. Simple?

Reply to
blaha
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PLEASE take the minute or two necessary to confirm our esteemed Moderator's correct response in the instructions for Line 16 of the 1040. After all, it's your taxes, not his, and one can read all sorts of "absolutely true" statements about taxes that are anything but.

Reply to
Phil Marti

I just pulled up my (05) taxes, which is when my lump-sum pension was given to me. Just as the mod (can't be sure who) stated "The IRS asks you to add the 1099R Gross Distribution amount to Form 1040 Line 16a, and add nothing to line 16b. At the left of Line 16 write the word Rollover."

16a = Pensions and Annuities 16b = Taxable amount (see instrs) Turbotax, in my case, took the explanation "rollover" and put that to the left of 16a, in the margin. JOE
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Reply to
joetaxpayer

You can't ignore it. Enter the rollover amount in line 15a. It does not affect your taxable income. Evidently you are supposed to type in "Rollover" next to line 15b, although I can't find the space to do it. And line 15b would be 0.

Reply to
removeps-groups

Thank you very much.

========================================= MODERATOR'S COMMENT: Please delete from the post to which you respond the part of the text which is not either relevant to the context or to portion to which you directly respond. Thank you for your assistance.

Reply to
blaha

Well just let me take a minute or two necessary and I will confirm our esteemed moderator's (little case) correct response to the OP.

To the OP; he's right!

ChEAr$, Harlan Lunsford, EA n LA

Reply to
Harlan Lunsford

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