I need help answering the question: What did you do with the money from Bank A.
I withdrew $5000 from my 401K and transferred it to my IRA at Bank A. I took the check for $5000 to Bank A and deposited it. A month or so later, I took out $2000 and had taxes taken out of it. Bank A sent me a 1099-R with $5000 in Box 1 and 2a. Taxable amount not determined is check marked. Box 4 is $200. Box 7 is 7-Normal distribution. The IRA/SEP/SIMPLE is check marked. So, I have two questions: Is the distribution code correct? How should I respond to the TurboTax question "What did you do with the money from Bank A" Option1: I moved the money to another retirement account, or Option 2 I did something else with it?
