jtax
Level 10

Retirement tax questions

I am not sure I understand the question. By funds do you mean mutual funds? Or amounts?

 

Usually, one withdraws cash from a qualified plan. The plan might sell funds to generate the cash, but cash is transferred out. That cash might be used to buy other funds (perhaps the same ones), but technically, the funds are not transferred. At least I haven't seen that even in a Roth conversion.

 

If you want to know what funds were sold, you can look at your account statements. That won't matter for taxes and therefore is not on a 1099R.

The important thing on a 10990-R is what the box 7 code it. For a list of them, see https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/codes-box-7-1099-r-m...

The other important thing is to know what the total amount of after-tax contributions were made in the past. This is not common. Usually contributions are before-tax. But if there are after-tax contributions you have "basis" in the plan and a pro-rata amount of each distribution is a return of that basis.

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