Question

I have a question about reporting 401K rollover funds. I recently changed jobs and I rolled over a retirement account from my former employer. Somehow in my transition of accounts, I forgot to report my Independent Retirement Account (IRA) rollover. Is there a form and a process that I can pursue to report this rollover now – Can I file an amended return to report the rollover?

Answer

401K rollover funds are reported as distributions, even when they are rolled over into another eligible retirement account. An eligible rollover of funds from one IRA to another is a non-taxable transaction. Rollover distributions are exempt from tax when you place the funds in another IRA account within 60 days from the date of distribution. You do need to report this type of rollover to the IRS for tax purposes even though you aren’t required to pay tax on this type of activity. Reporting your rollover is relatively straight forward. While you should have received a Form 1099-R reporting your rollover, if you didn’t, or if you failed to report the IRA when you initially filed your tax return, you can report your 401K rollover on a Form 1040X: Amended Return. Then, complete and file your amended return.

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