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I recently changed jobs and did a direct roll over of my 401K from one plan to another . . . never saw a check. I received a 1099-R form from the former plan indicating I received a gross distribution. Is this normal? If so, how do I handle that on my tax forms?
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<< I recently changed jobs and did a direct roll over of my 401K from one plan to another . . . never saw a check. I received a 1099-R form from the former plan indicating I received a gross distribution. Is this normal? If so, how do I handle that on my tax forms? >>

This time of year I wouldn't begin to try to figure out what's normal. Since you got the 1099-R, let's deal with it the easy way.

Report a rollover on line 16 of the 1040. The gross distribution goes in 16a, -0- in 16b, and you write "rollover" on the dotted line next to 16b.

Phil Marti
Tax Preparer
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Phil, does this also apply to ESOP and Profit Sharing distributions as long as they were rolled into an IRA?
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<< Phil, does this also apply to ESOP and Profit Sharing distributions as long as they were rolled into an IRA? >>

Beats me. I'm ESOP impaired, except for the basics. If no one comes along with an answer, I'd suggest you repost as an new thread.

Phil Marti
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Phil,

I have a question about a 401k rollover. Last year, I did this using TurboTax and now this year I am trying to do it on my own...

In 1998 tax year, I had a 401k distribution (1099-R) and spread the payments over 4 years. The distribution then went into a ROTH account.

Here is my question:

Since this is year 2 of 4 payments (tax year 1999), what form must I use to report the 2nd payment? 1040? 1040EZ? And on what line do I report this info?

Thanks for your help in advance,

- Josh
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<< I have a question about a 401k rollover. Last year, I did this using TurboTax and now this year I am trying to do it on my own...

In 1998 tax year, I had a 401k distribution (1099-R) and spread the payments over 4 years. The distribution then went into a ROTH account. >>

I hope you mean you converted a traditional IRA to a Roth IRA and took the 4-year spread on the conversion income. I have no idea what a 401(k) distribution with the payments spread over 4 years would be.

<< Here is my question:

Since this is year 2 of 4 payments (tax year 1999), what form must I use to report the 2nd payment? 1040? 1040EZ? And on what line do I report this info? >>

You can't do this on a 1040-EZ, and I don't know whether you can or not on a 1040A. (I think you can, but check the instructions if you want to file that form.) On a 1040, it goes in line 15b. See the instructions for line 15.

Phil Marti
Tax Preparer

Phil Marti
Tax Preparer
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Thank you, Phil. I appreciate the help.
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Phil, another question related to 401K taxes. As part of my rollover I defaulted a small amount on a loan. I know that counts as income for the year. My question is do I pay an additional 10% penalty for early distribution?
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