Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mendezmojica
New Member

I got a 1099R for a 401K total distribution in the amount of $0.46, is this distribution reportable as income since it rounds down to $0.00.

 
1 Best answer

Accepted Solutions
MinhT
Expert Alumni

I got a 1099R for a 401K total distribution in the amount of $0.46, is this distribution reportable as income since it rounds down to $0.00.

No, you do need to report this 1099-R as the amount is rounded to 0.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
MinhT
Expert Alumni

I got a 1099R for a 401K total distribution in the amount of $0.46, is this distribution reportable as income since it rounds down to $0.00.

No, you do need to report this 1099-R as the amount is rounded to 0.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Lisa995
Level 12

I got a 1099R for a 401K total distribution in the amount of $0.46, is this distribution reportable as income since it rounds down to $0.00.

I just had my brokerage close out a 42 cent balance on a IRA account...LOL  they sent me a check for 42 cents....cost more to mail it to me!
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
Dynamic AdsDynamic Ads
Privacy Settings
v