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Question

I took a deduction from my 457 plan this year. The 1099-R states in box 2a that I have a taxable amount. This is the same as my gross distribution as shown in box 1. I had 10% withheld of this amount earlier. I have a "2" in the distribution code box. I have been informed by the city I work for that I do not have to pay the additional 10% penalty, but how do i enter this on the 1040? It seems that line 16 is the place, but which box, a or b?

Submitted: 627 days and 6 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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Nebraska

Accepted Answer

Since the entire distribution is taxable you would only enter that amount on 16b. Line 16a will be left blank. You will enter the amount of taxes that were withheld on line 64. The 10% penalty for withdrawals prior to age 59 1/2 does not apply to distributions from 457 plans.

See instructions on page 22 - http://www.irs.gov/pub/irs-pdf/i1040.pdf

 

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Expert: Bill
Pos. Feedback: 99.6 %
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Answered: 3/5/2008

Enrolled Agent

EA, QPA, CHFC, CEBS, CLU - 29 years experience providing financial advice

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