Hello all, need some help now that tax forms are coming in.
This year I switched jobs and after some discussions on this forum, was advised to rollover all old employer pre-tax retirement to Rollover IRA instead of to the new employer for greater investment flexibility.
Here's what I rolled over in 2017:
403b: 36200
457b: 41300
401a: 33321
Of note, $7,700 of the 401a account was After-tax contributions, so was moved to a new ROTH IRA account (basically a mega back door roth that I didn't max out).
I received a 1099-R today from Fidelity for the distribution from the 401a. Box 1 shows a distribution of $33321. Box 2a (Taxable amount) reads $0.00.
This may seem like a dumb question, but I'm not going to have to pay taxes on this distribution, correct? I'm hoping the $0.00 taxable amount is what that truly means and that the $33321 is still pre-tax and deferred until I take it out. I was under the impression that rolling over all this old employer money was not going to be taxed and stay in tax-deferred status (with the exception of the $7,700 that has already been taxed and now resides in a Roth account).
Since I've never dealt with 1099-R forms in the past, just want to verify that I'm in the clear and now going to all of a sudden be on the hook for $12k in taxes...
This year I switched jobs and after some discussions on this forum, was advised to rollover all old employer pre-tax retirement to Rollover IRA instead of to the new employer for greater investment flexibility.
Here's what I rolled over in 2017:
403b: 36200
457b: 41300
401a: 33321
Of note, $7,700 of the 401a account was After-tax contributions, so was moved to a new ROTH IRA account (basically a mega back door roth that I didn't max out).
I received a 1099-R today from Fidelity for the distribution from the 401a. Box 1 shows a distribution of $33321. Box 2a (Taxable amount) reads $0.00.
This may seem like a dumb question, but I'm not going to have to pay taxes on this distribution, correct? I'm hoping the $0.00 taxable amount is what that truly means and that the $33321 is still pre-tax and deferred until I take it out. I was under the impression that rolling over all this old employer money was not going to be taxed and stay in tax-deferred status (with the exception of the $7,700 that has already been taxed and now resides in a Roth account).
Since I've never dealt with 1099-R forms in the past, just want to verify that I'm in the clear and now going to all of a sudden be on the hook for $12k in taxes...
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