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    truetime's Avatar
    truetime Posts: 1, Reputation: 1
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    #1

    Jan 27, 2011, 02:04 PM
    Do we have to file a 1099R if we roled a 401k into a CD acct
    My wife received a 1099 R because she took her 401K from her old job and rolled it into a CD acct.. do we have to file the 1099R
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Jan 27, 2011, 02:21 PM

    Depends on what the 1099-R shows for a distribution code in box 7. If it's reason code 1, then you must report it - whether tax (or penalty) is actually due depends on how the distribution was taken and whether it was rolled into an IRA. Post back with (a) the reason code from box 7, and (b) a bit of detail about the CD - is it in an IRA account, and if so were the 401(k) funds transferred to the CD as part of a direct rollover?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 4, 2011, 11:51 PM
    Actually, if the Form 1099-R shows a distribution, you have to REPORT the income.

    The code dictates what, if any, you must pay in taxes.
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