Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
Last year, I rolled over two 401K accounts into IRA's. The money was transferred directly from one bank to the other. No taxes were withheld, the entire amount was transferred to the new IRA.

I just received two 1099-R forms. Both of them have the amount that I transferred, and then list "Taxable Amount: $0.00", as they should.

Do I need to include this information on my tax return? I've actually already filed and mailed in my taxes (I file a 1040EZ, so it takes me about 5 minutes to do my taxes). But I could file an amended return if I had to.

I know these rollovers won't affect my tax situation, since it's not taxable, but I wasn't sure if I needed to report this non-taxable distribution to the IRS. (The 1099-R says, in bold print, "REPORT THIS INCOME ON YOUR FEDERAL TAX RETURN")

Karen
Print the post Back To Top
No. of Recommendations: 0
Last year, I rolled over two 401K accounts into IRA's. The money was transferred directly from one bank to the other. No taxes were withheld, the entire amount was transferred to the new IRA.

I just received two 1099-R forms. Both of them have the amount that I transferred, and then list "Taxable Amount: $0.00", as they should.

Do I need to include this information on my tax return? I've actually already filed and mailed in my taxes (I file a 1040EZ, so it takes me about 5 minutes to do my taxes). But I could file an amended return if I had to.

I know these rollovers won't affect my tax situation, since it's not taxable, but I wasn't sure if I needed to report this non-taxable distribution to the IRS. (The 1099-R says, in bold print, "REPORT THIS INCOME ON YOUR FEDERAL TAX RETURN")


Well, you know now that you should have reported this income on your tax return even though it doesn't contribute to your AGI or tax liability. However, since it doesn't affect anything significant on the return, I wouldn't bother with the amended return. If the IRS computers spit out a notice asking about the missing data, you can explain at that time.

Ira
Print the post Back To Top
No. of Recommendations: 1
I know these rollovers won't affect my tax situation, since it's not taxable, but I wasn't sure if I needed to report this non-taxable distribution to the IRS. (The 1099-R says, in bold print, "REPORT THIS INCOME ON YOUR FEDERAL TAX RETURN")

The bolded part is your answer.

Unfortunately, you shouldn't have filed a 1040EZ - the 1099R requires that you do at least a 1040A.

You will have to file an amended return.

AJ
Print the post Back To Top