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My wife quit her job/1099R
Posted by Churchill on 2/4/14 at 10:46 am00
My wife quit her job to stay home with the child. She had no income this past year, but we did rollover her 401k into a IRA. I got a 1099R for this money, but when I plug it in for tax reasons, it shows it as income and puts me in another tax bracket. Is this correct?
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re: My wife quit her job/1099RPosted by Poodlebrain on 2/4/14 at 1:32 pm to Churchill
The distribution from the 401(k) should have been subject to at least 20% withholding unless it was a direct rollover. If it was a direct rollover, then Box 7 of your Form 1099-R should have a Distribution Code G. Your tax return software should ask you to input the type of distribution you received as indicated in Box 7. If there is a code other than G in Box 7, then reporting a rollover is a bit more complicate. However, the software should still give you the opportunity to disclose that an indirect rollover occurred.
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