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I need help answering the question: What did you do with the money from Bank A.
I withdrew $5000 from my 401K and transferred it to my IRA at Bank A. I took the check for $5000 to Bank A and deposited it. A month or so later, I took out $2000 and had taxes taken out of it. Bank A sent me a 1099-R with $5000 in Box 1 and 2a. Taxable amount not determined is check marked. Box 4 is $200. Box 7 is 7-Normal distribution. The IRA/SEP/SIMPLE is check marked. So, I have two questions: Is the distribution code correct? How should I respond to the TurboTax question "What did you do with the money from Bank A" Option1: I moved the money to another retirement account, or Option 2 I did something else with it?
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Yes, since you took the money in your hands rather than a custodian to custodian transfer, you have to tell the program that you rolled the money over yourself. This had to have been done within 60 days.
Yes, since you took the money in your hands rather than a custodian to custodian transfer, you have to tell the program that you rolled the money over yourself. This had to have been done within 60 days.
This Form 1099-R is telling you and the IRA that you took $5,000 out of your traditional IRA at Bank A, not $2,000. The $5,000 distributed from the 401(k) would have been reported on a different Form 1099-R.
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