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T
tcerny51
Level 3
March 17, 2021
Question

401 K distribution

  • March 17, 2021
  • 2 replies
  • 8 views

My client (61 years old) took a distribution from his 401K under the CARES Act. He deposited the proceeds into an IRA immediately. He received a 1099-R, showing this distribution as fully taxable. How do I show that funds went into an IRA, so he's not taxed on this distribution.

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2 replies

L
LG-CPA
Level 4
March 17, 2021

On the 1099-R input form, scroll down to page 2 - to the section called Rollovers, Roth Conversions, Roth Rollovers, and Recharacterizations.  Put a check in the box B1 - Entire distribution rolled over.

    qbteachmt
    qbteachmt
    Level 15
    March 17, 2021

    Was there withholding? Did he send the gross to the Traditional IRA account?

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