Tax Question (related to 401K)

I rolled my 401K over to my new employees 401k program this year. I just received a tax document from my old 401k showing a distribution. Is this right? Am I going to have to pay a penalty now?

Re: Tax Question (related to 401K)

did you take anything out? or have any loans on it where they paid themselves back? otherwise i think you should just bring the paper to your accountant if you have one....i dn't think they'll be a penalty

Re: Tax Question (related to 401K)

I think you'll be fine.

I'm pretty sure that withdrawal will always show as a distribution. When the other company does the deposit, it gets done as a rollover deposit. Just make sure you have all your paperwork incase there's a problem.

Re: Tax Question (related to 401K)

Thanks ladies. I reviewed the form more closely and it has a code showing it was a rollover. I had a mini panic attack for a second.

Re: Tax Question (related to 401K)

Yep, it's just procedure. I would just keep a copy of the statement that shows receipt of the roll over with the 1099-R in case there's a question you won't have to look for it later.