I would like to know if this is entered correctly on my 1040.
My husband did both a distribution and a rollover into a traditional IRA from his 401K in 2023. He is over
59 1/2.
He received 2 1099-R's
The rollover was 44K. There is a distribution code G in box 7.
The distribution was 41K. There is a distribution code 7 in box 7. We know that this is taxable income.
On the 1040 line 5A shows the total of both - 85K. Line 5B shows 41K, with the word rollover the left.
Is this the correct way to have this reported?
You'll need to sign in or create an account to connect with an expert.
Yes exactly. 41K is taxable on line 5b.
Yes exactly. 41K is taxable on line 5b.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
jfabe04
Returning Member
rkoerfer
New Member
cspfire2024
Level 3
brittx92
New Member
katez5886
New Member