I just got a W-2...

[Birdie dog]

This year I moved a small amount of money that was languishing in a retirement account of a job I left years ago. I never actually touched the money, it was electronically transferred from the old account to my current retirement account. I was told that transferring the money this way would be tax free as I did not cash the money out.

But, I just got a W-2 for the amount. What do I do with this W-2. Do I have to claim the money?

 

[lsutigers03]

You mean you got a 1099? As long as you moved it from one pre tax account to another pre tax account you’ll be fine. There should be a code on the 1099 that says it was a tax free transaction. You need to add it to your tax return but you won’t be taxed on it.

 

[Birdie dog]

Thank you!

 

[tvguy]

But I believe it has to be put on your tax form. But you won't owe any tax.