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Lou
Lou, Tax Preparer
Category: Tax
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Experience:  25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California
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Form CSA 1099R, LINE 2a Taxable amont unknown

Customer Question

How do I determine the taxable amount for the Form CSA 1099R for tax year 2008. On the form in line 2a Taxable amount it has UNKNOWN
Submitted: 5 years ago.
Category: Tax
Expert:  Lou replied 5 years ago.

Hello and thank you for contacting JustAnswer. We appreciate the opportunity to be of service to you.

 

When did you retire?

 

Is there a box that has an amount in it that indicates your basis or contributions? If so how much were they?

 

What code is in box 7?

Customer: replied 5 years ago.

LINE 9b Total Employee Contribution: $20,450

LINE 7 Distribution Code: 3-Disability

 

Retired in 1984

Expert:  Lou replied 5 years ago.

Thank you for the information.

If your starting date was before 7/2/86 then you most likely have already used up your basis in the 1st 3 years and all of your distributions are taxable.

 

If your starting date was after 7/1/86 you can use what is referred to as the "SImplified Method to determine how much of your payments were taxable.

 

They call it the "Simplified Method" because it is simpler than using the "General Rule Method"

 

There is a worksheet available on page 28 of Publication 721 that will help you calculate how much of your payments were taxable and how much were not.

 

If you want to see an example of how it works go to page 7 and they have an example worked out.

 

If you have any further questions on this topic, please get back to me.

 

 

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Lou
Lou
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25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California