- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
My wife quit her job/1099R
Posted on 2/4/14 at 10:46 am
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?
4
Posted on 2/4/14 at 10:48 am to Churchill
It is not correct. You rolled it over so it's a non-taxable event. I got the same thing fyi.
Posted on 2/4/14 at 10:54 am to Churchill
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 on 2/4/14 at 10:58 am to Spock
It is "0" in box 2a. So I can just leave it off my tax form?
Posted on 2/4/14 at 10:59 am to Churchill
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 on 2/4/14 at 11:01 am to CHSBears
2b is checked total distribution, and 7 has the code G
Posted on 2/4/14 at 11:02 am to Churchill
Box 1 amount goes in 16a of 1040 and amount in Box 2a goes in 16b of 1040.
Posted on 2/4/14 at 11:03 am to CHSBears
G in Box 7 represents a roll-over
Posted on 2/4/14 at 11:06 am to CHSBears
Thank you sir, and thanks to Spock and the very likeable Broke!
Posted 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.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News