In this video Nathan, a Certified Tax Specialist ™ takes you step by step through the most beneficial tax forms.

00:54 1099R Form
01:45 1040 Form
02:39 Difference between a rollover and a direct transfer
03:02 Indirect Transfer

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If you recently rolled over your 401k, it’s important to understand how to properly file the transaction with the IRS. Rolling over a 401k involves transferring the funds from an employer-sponsored retirement plan to an individual retirement account (IRA) or another 401k plan without incurring any tax penalties.

Here are the steps to file if you rolled over a 401k:

1. Obtain the necessary forms: After completing the rollover, you will receive a Form 1099-R from your previous retirement plan administrator. This form will report the distribution from your 401k and is essential for filing your taxes.

2. Determine if the rollover was direct or indirect: A direct rollover involves transferring the funds directly from one retirement account to another, without the funds passing through your hands. An indirect rollover, on the other hand, involves taking a distribution from the 401k and then depositing the funds into another retirement account within 60 days. It’s important to determine the type of rollover you completed, as it will impact how you report the transaction on your taxes.

3. Fill out Form 1040: When filing your taxes, you will need to complete Form 1040, the standard individual tax return form. On this form, you will need to report the rollover on line 4a (for the total distribution) and line 4b (for the taxable amount). If the rollover was direct, the taxable amount will be zero. If it was indirect, the taxable amount may be subject to withholding.

4. Report the rollover on Form 8915-E: If you completed an indirect rollover, you will need to file Form 8915-E, which is used to calculate the taxable amount of a qualified retirement plan distribution. This form will help you determine if any of the distribution is subject to early withdrawal penalties or additional taxes.

5. Consult a tax professional: If you are unsure about how to properly report the rollover on your tax return, it’s always a good idea to consult with a tax professional. They can ensure that you are accurately reporting the transaction and help you avoid any potential tax penalties.

Filing your taxes after completing a 401k rollover can be complex, especially if you completed an indirect rollover. By understanding the steps involved and seeking assistance if needed, you can ensure that the rollover is properly reported to the IRS and avoid any tax issues in the future.