Ask Experts Questions for FREE Help !
Ask
    imadthegreat's Avatar
    imadthegreat Posts: 53, Reputation: 1
    Junior Member
     
    #1

    Apr 15, 2021, 02:56 PM
    I forgot to mention my 1099-R (401K rollover)
    I filed my tax and forgot to report 1099-R. This is a simple rollover. Distribution code in box 7 is G. It was a transfer from Fidelity to Vanguard. I never took a single penny for myself.

    I also forgot to mention $250 in income that I received from a small consulting gig. they never sent me anything and I totally forgot about it.

    I filed my tax return using TurboTax on February 13th and it is still processing. Do I wait until IRS reaches out to me with my mistake or do I file an amended return?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Apr 15, 2021, 10:45 PM
    You should file an amendment to identify the $250 in consulting income on Schedule C.

    While doing this amendment, identify the rollover.

    If you want professional help to amend, contact me at [email protected]

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search


Check out some similar questions!

1099-R. Rollover with some money taken out [ 4 Answers ]

Hello.. I am a tax prof from Michigan.. Just doing my fatherinlaws taxes and he is a bit Grim on remembering details.. What I would like to know is what was the rollover amount.. He claims it was 50,000.. I don't know.. This is what the 1099-R shows.. Box 1 Gross Dis - $74,377.30 Box 2a...

I forgot to mention something in my petiton [ 1 Answers ]

I have 2 unregistered cars listed in my name however, they do not belong to me, the trustee asked me about my assets but she was shooting the questions at me so quicklyand fiercely I only had a chance to remember 1 of them since they are not being driven, I am filing no asset chapter 7 . The cars...

401K rollover [ 1 Answers ]

My company has just split off the division I work under and set up a new company with 60% owned by an outside investor and 40% owned by the current company. In all other financial areas, I am now no longer an employee of company A, but an employee of company B. Meaning: for company A I have a...

1099-R / 401K Rollover [ 3 Answers ]

This past year, the company that I work for was sold to another company. I had to take my 401K and roll it over to the new company's 401K plan. A few weeks ago, I received a form 1099-R in the mail. Do I have to report this on my taxes as it was a rollover into a qualified plan? I didn't take...


View more questions Search