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I received a distribution check from my from my 401k (1099R) in 2016. We did not cash it and it was canceled by the broker. Are we required to report it in 2016?
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June 3, 2019
12:05 PM
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Retirement tax questions
All distribution must be reported. What do you mean "cancelled"? Where is the money?
What code is in box 7?
What code is in box 7?
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
June 3, 2019
12:05 PM
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Retirement tax questions
The money is with the broker re-deposited back into the account. Yes box is checked!
We did not cash the check and let it expire.
We did not cash the check and let it expire.
June 3, 2019
12:05 PM
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Retirement tax questions
Then you must enter it and say you moved the money to another (or the same) retirement account - rollover.
If you fail to enter it as a rollover, the IRS will assume yiu took the cash and send you a bill for the tax on the entire amount.
If you fail to enter it as a rollover, the IRS will assume yiu took the cash and send you a bill for the tax on the entire amount.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
June 3, 2019
12:05 PM
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Retirement tax questions
Enter a 1099-R here:
Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).
OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.
Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.
[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
June 3, 2019
12:05 PM