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I closed an IRA and paid the tax at the time of closing. I didn't receive a 1099. How can I file this?

 
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Level 15

I closed an IRA and paid the tax at the time of closing. I didn't receive a 1099. How can I file this?

You have to get the 1099R.  Ask the plan or bank for it. Maybe they have the wrong address for you.

 

You didn't actually pay the tax or 10% penalty (you pay a 10% early withdrawal penalty if you are under 59 ½).  You had taxes withheld like from your paycheck. You still have to enter the whole gross original amount (before taxes were withheld) with your other income to figure out the total tax (and it may put you into a higher tax bracket) and then the withholding is subtracted from the total tax to figure your refund or tax due. The gross amount shows up,on 1040 line 4a/4c and the taxable amount on 4b/4d.  The withholding will show up on 1040 line 17.

 

 

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Level 15

I closed an IRA and paid the tax at the time of closing. I didn't receive a 1099. How can I file this?

You have to get the 1099R.  Ask the plan or bank for it. Maybe they have the wrong address for you.

 

You didn't actually pay the tax or 10% penalty (you pay a 10% early withdrawal penalty if you are under 59 ½).  You had taxes withheld like from your paycheck. You still have to enter the whole gross original amount (before taxes were withheld) with your other income to figure out the total tax (and it may put you into a higher tax bracket) and then the withholding is subtracted from the total tax to figure your refund or tax due. The gross amount shows up,on 1040 line 4a/4c and the taxable amount on 4b/4d.  The withholding will show up on 1040 line 17.

 

 

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