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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Forgot to claim 1099R on federal and state, should I file 1040X

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Submitted: 9 years ago.
Category: Tax
Expert:  RD replied 9 years ago.

Yes, you need to file Form 1040X and amended state tax return and report the Form 1099R distributions on it.

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

 

Customer: replied 9 years ago.
Are there other forms that should be included with the federal or state?

Is there a percent owed? How do I figure that out?

When I mail the 1040X in, do I need to attach copies of my taxes with it?
Expert:  RD replied 9 years ago.

You will have to file Form 1040X. you will attach Form 1099R if federal tax has been withheld on it. The taxable portion will be subject to tax at your regular tax rates-depending on the tax bracket you are in. You may owe additional 10% penalty if this was an early distribution from the retirement plan.

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

 

Customer: replied 9 years ago.
Is 10% owed to both federal and state?

In box 4 on the form, it states the amount of Federal income tax witheld. Do I still owe the federal another 10% on top of that?
Expert:  RD replied 9 years ago.

If it is early distribution from the plan than you owe 10% additional penalty on your federal tax return.

Since federal income tax return is withheld you need to send in the form 1099 R with the tax return. Your total tax liability will be calculated and additionaly 10% (if applicable) will also be added. You will get credit for federal taxed withheld. Excess liability over the withheld amount is what you will owe to the IRS.

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.