I need info to see if I need to file a 1099 R from Retirement Savings $1000.

[VolvoGirl]

Yes, if you are filing a tax return you need to report all your 1099 forms and all your income no matter how small.

[Anonymous]

Thanks for quick answer,  I am confused because when the plan sent me a check I think it had taxes already deducted.  In my opinion then they are already paid.  But I have been trying to get a copy of that 1099R I think they sent.  It should be online with Merril Lynch but and requested a copy but not received in order to input the info into the tax file here.

Thx

[Anonymous]

This was a Retirement Savings Plan, not sure if that is still a 401 K.

[VolvoGirl]

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.

[Anonymous]

Thanks again.  I don't know if my original question posted correctly.  I  left the company and since the account had less than 1000 they had to cancel and end it.  It wasn't because I wanted to withdraw it was forced. I had to take it minus the taxes and fees they charged.  I can't seem to get a copy of the form from Merrill on line.

[VolvoGirl]

By the way for the future....what did you do with it?  You could have rolled it over and put it in a IRA within 60 days to avoid the taxes.  You still need the 1099R.

[Anonymous]

As i reported it as income it all came back to me but thanks for the reminder.  I will say that when Fidelity contacted me they did not offer that.  They were in a hurry to make me cash out.  I knew better but forgot.  They did not remind me of what my options were over the phone or any mention.  There is another IRA I could have rolled it over to or create a new one.