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I received a 1099 for a 401K that I transfered to another account. Do I have to claim it on my taxes? |
I received a 1099 for a 401K that I transfered to another account. Do I have to claim it on my taxes? Report the rollover on line 16A of the 1040, put -0- in box 16B and write in the margin next to the box 16B rollover Publication 590 http://www.irs.gov/publications/p590/ch0... Source(s): Internal Revenue Service 1-800-829-1040 Another qualified retirement account? If so, nothing to claim on your taxes. However, if it wasn't put into a qualified account, you will be required to pay penalties and taxes. Yes, you have to report it. There is a line on the 1040 for pensions and annuities, line 16a. If you rolled it over directly into another 401k or an IRA, the taxable amount would be 0 on 16b. If you rolled it over into a rollover IRA or another 401K like a plan with a new employer, then it's not taxable income to you. You'd report the amount from the 1099 on your 1040 on line 16a, but would not include it in 16b. If you transferred it to another 401k or an IRA then you declare the distribution but don't claim it as taxable income. Look at the front page of a 1040 and you'll see two lines for retirement plan distributions. First line is declaring the total amount of the distribution, the second line is the taxable amount. |
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