401K to IRA

[pony mom]

Last year I was notified to do something with my former employer's 401K. I could either roll it into another 401K (didn't have one with my job then), cash it out, or rollover to a traditional or Roth IRA. I chose a traditional one.

My question is, do I have to claim anything on my income tax return for 2016? I was sent a form from Fidelity (who had my 401K) and have an online form from the IRA holder. Since I'm not withdrawing or contributing anything, do I pay tax on it?

[Alan]

No, taxes on a traditional IRA or 401K are not payable until you convert the funds from a tax deferred retirement account to income.

[frugal-one]

If you simply rolled it over... and did not have it in your hands.... no taxes are paid until you cash out all or part of the traditional IRA.

[pony mom]

Whew, thanks.