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    thetrystero's Avatar
    thetrystero Posts: 5, Reputation: 1
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    #1

    Mar 14, 2009, 07:20 AM
    401k rollover in to IRA
    I took a disbursement of my 401k in to a taxable savings account last year and rolled the money in to an IRA within 60 days. I did not work last year and so did not have any other form of income. Do I have to file with the IRS?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    May 6, 2009, 12:41 PM
    Yes, the transfer needs to be properly accounted for on your annual tax return. Failure to do so will result in the IRS believing that you took the distribution and SPENT it, which means they assess the 10% Early Withdrawal Penalty on top of whatever state and federal income taxes as due.
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