When you get to that tricky question in your 1099-R entries, What Did You Do With The Money From [Name]? You are presented with two options: [Name] moved the money to another retirement account (or returned it to the same retirement account)[Name] did something else with it (cashed out, etc.)"Cashed out" means the same thing as "I used it to support myself," that is, you spent the cash on necessary expenses. (Or a cruise. The IRS doesn't care.)

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lindacortez001

Level 1

Solved

If i used my retirment money to support myself what option would i choose when its asking what i did with the money from my retirment?

Forum|Forum|7 years ago
June 4, 2019
1 reply
22 views

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Best answer by KittyM

When you get to that tricky question in your 1099-R entries, What Did You Do With The Money From [Name]? You are presented with two options:

[Name] moved the money to another retirement account (or returned it to the same retirement account)
[Name] did something else with it (cashed out, etc.)

"Cashed out" means the same thing as "I used it to support myself," that is, you spent the cash on necessary expenses. (Or a cruise. The IRS doesn't care.)

KittyMAnswer

Level 10

When you get to that tricky question in your 1099-R entries, What Did You Do With The Money From [Name]? You are presented with two options:

[Name] moved the money to another retirement account (or returned it to the same retirement account)
[Name] did something else with it (cashed out, etc.)

"Cashed out" means the same thing as "I used it to support myself," that is, you spent the cash on necessary expenses. (Or a cruise. The IRS doesn't care.)