the full amount was rolled over; no check was issued in my name.
2007-01-26 04:57:01 · 7 answers · asked by Don S 1 in Business & Finance ➔ Taxes ➔ United States
You should not have received a 1099R unless you actually "touched" the money. Even if the check was made out to the new 401k but came to you, it would generate a 1099. in any event, you will not have to pay taxes or penalties.
2007-01-26 05:05:27 · answer #1 · answered by dashel_gabelli 3 · 0⤊ 0⤋
Taxes will be at your marginal cost or larger. that is as well to the ten% penalty. The custodian will withhold 20% for Federal income taxes plus even with your state calls for, if any. So, except you're contained in the decrease reaches of the ten% bracket the 20% heavily isn't sufficient to conceal the finished tax criminal duty. maximum taxpayers are contained in the 15% or 25% brackets so that you would owe yet another 5% or 15% at filing time on proper of even with become withheld.
2016-12-03 02:04:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You will not owe taxes in the year of a rollover. The Form 1099R that you will receive will have a code "G" in Box 7 indicating arollover. Enter the data from this form exactly as it appears into your tax software.
You will report this rollover on line 16a with the word "ROLLOVER" immediately to the left. Line 16b will be zero.
2007-01-26 05:05:35 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
No, the code in box 7 should indicate that it was a direct rollover. If the code is wrong either get the company to correct the 1099R or simply report it on line 17a, not b and attach a statement that it was rolled over.
2007-01-26 05:03:21 · answer #4 · answered by waggy_33 6 · 0⤊ 1⤋
If you did a rollover no, you do not owe taxes, the 1099 is just letting the IRS know that you made a rollover, it will appear on your taxes but not as a taxable item.
2007-01-26 05:02:06 · answer #5 · answered by yarrie15 2 · 1⤊ 0⤋
probably not. Look at the 1099 and see the "reason" for transfer. If it is G (they give letters), then no.
2007-01-26 05:01:28 · answer #6 · answered by NYC_Since_the_90s 6 · 2⤊ 0⤋
You'll have to report it, but won't have to pay taxes on it.
2007-01-26 05:29:00 · answer #7 · answered by Judy 7 · 0⤊ 1⤋