1099R -DO I HAVE TO PAY TAXS ON MY traditional IRA.

[kyussj]

I recently quit my job  (dec 2 2017) i  had to make a decision weather to withdraw the money or roll it over to a IRA ,rolled it to IRA . I WAS WONDERING IF I HAD TO PAY TAXES ON IT .I RECIEVED A 1099 R FORM FROM MY INVESTMENT COMPANY .DO KNOW WHAT IS THE SITUATION ILL BE FACING 

[dmertz]

What is the code in box 7 of the Form 1099-R provided by the payer?

[Coleen3 · Accepted solution]

If you withdrew the money and wish to put it back into an IRA within 60 days, you will not pay tax on the distribution. When you enter the 1099-R, you will need to indicate in the interview that you actually did so within the time allotted.

If you do not roll it over, you will pay tax at your own tax rate plus a possible 10% penalty for early withdrawal if you are under age 59 1/2.