My company I work for got sold,so I rolled over my 401K, and I received a 1099-R form. How do I file that, because I shouldn't owe taxes on that, but it says on form that I need to submit it ?
2007-02-01 01:53:45 · 4 answers · asked by jenny d 1 in Business & Finance ➔ Taxes ➔ United States
How to report. Enter the total distribution (before income tax or other deductions were withheld) on Form 1040, line 16a; Form 1040A, line 12a; or Form 1040NR, line 17a. This amount should be shown in box 1 of Form 1099-R. From this amount, subtract any contributions (usually shown in box 5 of Form 1099-R) that were taxable to you when made. From that result, subtract the amount that was rolled over either directly or within 60 days of receiving the distribution. Enter the remaining amount, even if zero, on Form 1040, line 16b; Form 1040A, line 12b; or Form 1040NR, line 17b. Also, write "Rollover" next to the line.
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2007-02-01 02:35:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The 1099-R is generally used to report distributions from a retirement account and may or may not be taxable. To be sure everything was done correctly with the transfer, I would suggest you make a call to your new custodian.
2007-02-01 02:02:47 · answer #2 · answered by Taylor1 3 · 0⤊ 1⤋
You show the amount as income, but the taxable amount of it as zero, and write "rollover" on the form if you file on paper.
There's a distribution code in box 7. If you did a direct rollover, where the money went directly to the other investment and didn't go through your hands, the code should indicate that and most tax software would automatically handle the rollover. If the money went first to you, then from you to the other investment within the allowable time, then you'll have to specify that.
2007-02-01 02:52:51 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
The entire amount will be added to our taxable income. You will also have to pay the 10% penalty for early withdrawl. You should have had about 30% withheld when you cashed it out. The amount of actual income tax due will depend on your other income and deductions, but be prepared to write a check for a couple thousand dollars.
2016-03-28 23:41:46 · answer #4 · answered by ? 4 · 0⤊ 1⤋
You should receive one and, if you rolled it over, it should be coded as "G" in the distribution code.
It goes on the return but is not taxed.
2007-02-01 02:07:33 · answer #5 · answered by Wayne Z 7 · 0⤊ 1⤋
the IRS already have your 1099R stored in their system, they want you to show it on your return.
2007-02-01 01:58:13 · answer #6 · answered by Kenshin 5 · 0⤊ 1⤋