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1099 Question

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philipk65

Junior Member
My wife last year rolled her 401K to an IRA. I got a 1099-R in the mail.
#1 box - gross distribution - 22,400
#2a box - taxable amount - 0.00

My question is - what do with these numbers? (where and why do I put them on my 1040 form)?
Thanks! Kevin
 


davew128

Senior Member
My wife last year rolled her 401K to an IRA. I got a 1099-R in the mail.
#1 box - gross distribution - 22,400
#2a box - taxable amount - 0.00

My question is - what do with these numbers? (where and why do I put them on my 1040 form)?
Thanks! Kevin
Did you read the instructions either with or on the back of the form?
 

efflandt

Senior Member
For a regular 1040 if it was a direct trustee to trustee transfer, you would put $22,400 on line 16a and $0 on 16b.

It gets stickier if payment was made to her. If she rolled it over into the IRA within 60 days along with adding back in the 20% withholding (ie, the full $22,400 to the IRA), then the tax effect is the same as the direct transfer.

If in the latter case she did not add the 20% withholding back in, the withholding is subject to tax (and 10% penalty if under age 59.5). In other words line 16b would be $4,480 and see instructions for line 59 about the 10% penalty. But it sounds like that does not apply in your case if the taxable amount on the 1099-R is zero.

If you file a shorter 1040 these might be different lines.
 

LdiJ

Senior Member
My wife last year rolled her 401K to an IRA. I got a 1099-R in the mail.
#1 box - gross distribution - 22,400
#2a box - taxable amount - 0.00

My question is - what do with these numbers? (where and why do I put them on my 1040 form)?
Thanks! Kevin
Hopefully also, in box 7 there would be a distribution code "G".

If so, and you are filing a paper return, you would simply igore the 1099. If you are filing using online or other non-professional software then you would enter the 1099, copying all of the information exactly as it appears on the form, and it should have no effect on your tax return.

However, if the 1099 does not have a "G" in box 7, then get yourself to a tax professional. Do NOT attempt to do the return yourself.
 

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