Started By
Message

My wife quit her job/1099R

Posted on 2/4/14 at 10:46 am
Posted by Churchill
Member since Apr 2009
517 posts
Posted on 2/4/14 at 10:46 am
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?
Posted by Broke
AKA Buttercup
Member since Sep 2006
65142 posts
Posted on 2/4/14 at 10:48 am to
It is not correct. You rolled it over so it's a non-taxable event. I got the same thing fyi.
Posted by Spock
Baton Rouge, Louisiana
Member since Mar 2010
1176 posts
Posted on 2/4/14 at 10:54 am to
What's in box 2a of your 1099? Should be 0 if it's non taxable. You will still receive a 1099 even though none of it is taxable.
Posted by CHSBears
Baton Rouge
Member since Aug 2007
781 posts
Posted on 2/4/14 at 10:59 am to
Would need to know what is in Box 1, Box 2a, if anything is checked in Box 2b and what is in Box 7. These items will tell you how to handle.
Posted by Poodlebrain
Way Right of Rex
Member since Jan 2004
19860 posts
Posted on 2/4/14 at 1:32 pm to
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.
first pageprev pagePage 1 of 1Next pagelast page
refresh

Back to top
logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram