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best wishes and many thanks dmertz....the solution of doing two 1099R's worked!
I think Vanguard should separate out this information
On the Form 1099-R the taxable amount from box 2a flows to the Form 1040 Line 5b. The gross distribution amount from box 1 flows to the Form 1040 Line 5a.
Look at your tax return.
You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
thanks for your reply ..... I deleted and re entered my 1099R but no luck ......5A says rollover and 5B just says 0
What is the code in box 7? Were federal income taxes withheld in box 4?
@tyrrlskm wrote:
thanks for your reply ..... I deleted and re entered my 1099R but no luck ......5A says rollover and 5B just says 0
You indicated that the amount received was a rollover to another account? Why?
Sorry I need to correct myself... 5A shows the total amount of the rollover; 5B shows ROLLOVER and 0 in the taxable box.
I rolled over my 401K into my traditional IRA.
If this distribution was a rollover to another tax deferred account, then there would not be any taxable amount.
Was the IRS/SEP/SIMPLE box checked on the Form 1099-R? What is the code in box 7"
@tyrrlskm wrote:
I rolled over my 401K into my traditional IRA.
Then as stated, there will not be a taxable entered on the Form 1040 Line 5b.
The Vanguard 1099R includes a $10,000 withdrawal to cover the RMD which should be taxable. The code in 7 is G.
Should we just create a 1099R with the $10,000 RMD as a stand alone amount that is taxable?
@tyrrlskm wrote:
The Vanguard 1099R includes a $10,000 withdrawal to cover the RMD which should be taxable. The code in 7 is G.
Did you actually roll over this amount to another account or did you receive the income and did something else with it?
The code G—Direct rollover of a distribution to a qualified plan, a section 403(b) plan, a governmental section 457(b) plan, or an IRA
Yes, I rolled over everything but the $10,000 to an IRA. I cashed out $10,000 to cover the annual RMD.
@tyrrlskm wrote:
Yes, I rolled over everything but the $10,000 to an IRA. I cashed out $10,000 to cover the annual RMD.
Then you need to enter $10,000 in box 2a as the taxable amount.
Box 2A on 1099R does say $10,000 but on 1040 line 5B still says ROLLOVER then 0 in taxable amount.
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