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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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401 K distribution
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tcerny51
Level 3
03-17-2021
12:36 PM
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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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LG-CPA
Level 4
03-17-2021
12:41 PM
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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
Level 15
03-17-2021
01:07 PM
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Was there withholding? Did he send the gross to the Traditional IRA account?
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