Summary of the tax reporting requirements around doing a rollover from an IRA to an IRA, or a rollover of an employer plan like a 401(k), 403(b), 457 or TSP to an IRA
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DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy….(read more)
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Hello, I just received a check from my previous employers Roth 401k to my Roth IRA. The paperwork attached to the check showed a tax withholding of roughly 17%. Do I get these taxes back since it was a direct rollover? Is that the point of the 1099? I am confused because I thought the entire amount should be transferred to my Roth IRA without being taxed.
What is the box 7 code for if I took money out of my Roth into a personal account then rolled it over within 60 days?
In July, 2021, I Converted 51k of my Company 401k match, Pre tax to Roth. This was in an plan conversion. My 1099-R shows it as a rollover, G. I'm confused because I assumed I would owe a decent amount filing my taxes for 2021. I did deduct extra tax withholding on my pay checks during 2021 in order to keep what I owe lower during tax season, but only an extra $800 per month from July to December. My tax adviser shows I get a return, but shouldn't I still owe for that 51k conversion to Roth? Thank you.
Hi. Does that 1099 come in the following year? That’s a long wait to find out they screwed up, if you do the rollover in the first quarter of the year? I’m in TSP and I think they always send you the check, made out to your IRA rollover custodian, but it also says “FBO your name”.
I'd appreciate a quick answer….If I rolled over 401k 100% (no withdrawal) from one company to another company's 401k plan, am I still supposed to receive 1099-R? If I want 1099-R form from the previous years, who should I contact? I'm trying to request for an old 1099-R from the previous year(s) for some reason (Amendment), but when I contacted my current employer's 401k company, they said they have never issued 1099-R in the past 7 years as it was 100% rollover from former employer's plan to another employer's plan. However, you got me thinking if 1099-R does/did exist if I contact the former 401k company. I know either way it's untaxable, but I need to have 1099-R from the past 2 years. thank you in advance!
I transferred money directly from a "Non Custodial Retirement Account" (which was with my previous employer and they called it 401k/Profit sharing program), to a Rollover IRA account. Only the part of money where I was vested was transferred. However, I did not receive a 1099-R. Was I supposed to receive one?
Additional information – I platform did not change. I had my previous account on ETrade, and the new account on ETrade as well.
How do they keep track of whether it goes from a 410k to a Roth or a traditional IRA?
So I got a 1099-B during a rollover, after entering numbers in TurboTax it is showing I need to pay a large amount due to gains! Is this accurate or am I missing something? I rolled everything within 2 weeks.
I am confused about what to put in line 2a. I rolled over a previous employer plan to my Roth IRA and I have an amount in 2a on my 1099-R but code G listed on my account. I was told to put 0 in my taxable amount because of the G code but am not sure.
If you do an employee 401k plan rolled over to an IRA on what year will you report that on the return?
Hello, I filed my taxes on the 27th of January. Had no idea about the 1099-R , received it February 5th. It was my employer 401k Plan rolled over to an IRA. Only 1200 gross distribution , every other box has 0.00 and box 7 is labeled G. I DID NOT AMEND YET. Any Advice on what I should do ?
Question about my early withdrawal from Roth IRA…have had the current account since 2009 (so over five yrs) but I’m not 59 1/2. I withdrew money anyway and now I’m trying to determine my personal contributions to avoid tax / penalty on that amount. If I have no record of the original account it was rilled over from how do I determine my contributions? I’n guessing the proper reporting then would be that I can only claim what I have actual history of in the current account?
You skipped the whole part about trad IRA rollover to Roth IRA. I assume I WILL get a 1099 for that, as I know it is fully taxable.