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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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This is my 1099r form. box 1 gross distribution 47870. 00.

Resolved Question:

This is my 1099r form.: box 1 gross distribution 47870. 00. 2a taxable amount 46919.00 box 4 fed in tax withheld 4657.00
box 7 distribution code 7 ita/sep/simle box is not checked. box 8 blank box 9a blank 9b 15448. The IRs says that the amount in box 4 is taxable. Is this a deferred income? and is it now taxable?
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.
HelloCustomer

The amount in box 4 ($4,657) is the amount of federal tax that was withheld from the payments made to you and not an amount that you owe tax on.

Please clarify why the IRS would be telling you box 4 is taxable?
Customer: replied 4 years ago.

Oh, I think that I have interpred something incorrectly. This amount is in another categorey where the total of amount withheld is different than the individual line. I'm sorry to have taken your time.

Expert:  Merlo replied 4 years ago.
Hello againCustomer

On the 1099-R form that you received, the amount which is taxable will be the amount shown in Box 2a, which is $46,919.00.

The form shows that you have already paid in $4,657 in federal taxes, so you will also report that amount on your tax return as already being withheld to cover your tax liability.

Box 7 which shows a code of 7 simply means this was treated as a normal distribution.

If this was helpful please press the Accept button.

Thank youCustomerand let me know if you have more questions.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and 7 other Tax Specialists are ready to help you

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