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Net Unrealized Appreciation (NUA)
I am considering whether to take a distribution of company stock in my 401K and transfer to a brokerage account then report net unrealized appreciation. I was trying to model this in Turbotax assuming I will receive a 1099R. For example purposes, I entered the Gross Distribution ($100,000) in Box 1. Entered taxable amount (basis) in Box 2 for $40,000. Entered $60,000 in Box 6 for NUA.
TurboTax should only be taxing me for the taxable amount of $40,000. Instead it is taxing me for the Gross Distribution of $100,000.
I would appreciate if someone could advise me as to the proper way to fill out the form. As I do not have an actual 1099-R form in hand, it's guesswork for me at this point. Thank you.
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‎July 22, 2023
10:47 AM