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I cashed out my 401K because of hardship. I had to split the

money with my exhusband as...
I cashed out my 401K because of hardship. I had to split the money with my exhusband as part of the divorce agreement. How can I show for income tax purposes that he got half so I dont have to claim 100% of my withdrawl as my income. He got half. what do I do?
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Answered in 20 minutes by:
2/1/2011
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

Usually when this happens, the trustee of the 401-k is notified and they pay the spouses share directly to the spouse.

Stephen E. Grizey :

Was your situation not handled this way?

Customer :

yes I paid him directly

Stephen E. Grizey :

You paid him, not the trustee of the 401-k?

Stephen E. Grizey :

Did you get the 1099-R?

Stephen E. Grizey :

for the whole thing with your ss#?

Customer :

yes I paid him. I did get a 1099-R. Something from Wells-fargo with the whole thing in my ss#.

Stephen E. Grizey :

OK, there's a couple ways to handle this; how are you doing your return, ie TurboTax, H&R etc. by hand, what?

Customer :

by hand.

Stephen E. Grizey :

ok, just a minute, I need to check a form............don't leave, brb

Stephen E. Grizey :

In your situation, the best way to do this is to put 100% of the distribution on line 16a & 1/2 of it on 16b (the taxable amount)

Stephen E. Grizey :

However, you need to attach a note referenced by an ** next to the taxable amount & in the note say :

Stephen E. Grizey :

Taxable amount determined based upon divorce decree; 1/2 of total distribution paid to XXXXX XXXXX SS#NNN-NN-NNNN/p>

Stephen E. Grizey :

That should do the trick, no guarantees; but the IRS computer should only match to 16a

Stephen E. Grizey :

If it kicks out; hopefully someone will check your note

Stephen E. Grizey :

However they may send you a computer notice & you'll have to send them all the same stuff again

Customer :

Sweet just a typed message to file with my tax return?

Stephen E. Grizey :

Because, it should have been handled through the trustee & then you would have each got a 1099 for your share.

Stephen E. Grizey :

Do you have the cancelled check from your ex-husband?

Customer :

Same stuff? u mean tax return or divorce papers. We did our divorce ourselves and yes I have the cancelled check.

Stephen E. Grizey :

who knows what they will want, but I meant the supporting statement

Stephen E. Grizey :

I was about to tell you to attach a copy of both sides of the cancelled check below that statement

Stephen E. Grizey :

All of this is an attempt to satisfy them before they send any notices

Customer :

well its a copy of the written check.

Stephen E. Grizey :

I presume that Mr. ex knows he has to pay taxes on this and isn't being a s--- about it?

Stephen E. Grizey :

Yes a copy of both sides of the written check..........

Stephen E. Grizey :

Both sides is important

Customer :

oh he is not being reasonable at all. I can get that from my bank

Stephen E. Grizey :

What you don't have the check............it one of those accounts where they don't return the checks?

Customer :

Yes

Stephen E. Grizey :

Well if you can get it without moving heaven & earth, do it, if not..........don't worry about it

Customer :

I think I can get it. thank you so much I dont feel so victimized.

Stephen E. Grizey :

OK so he's a pain..........just tell in writing.............a last "sweet" note as you call it.............that his name & social security number is XXXXX your tax return as receiving that payment............

Stephen E. Grizey :

If you want to shake him a little, just make out a 1099-R (you can get one at IRS.gov) & send it to him, with you as the payor

Stephen E. Grizey :

You don't actually have to file it with the IRS, but he doesn't need to know that

Customer :

sweet! I am gonna do just that. Thank you so much.

Stephen E. Grizey :

the idea is to put him notice so he can't play "Mickey the Dunce" later on..............

Stephen E. Grizey :

Please remember to "ACCEPT", it is the only way we get credit for our work. Thanks for using our service. If you need help again, you can ask for me if you want.

Customer :

And he would. Thank you so much for all youradvice. And for the hope. Have a wonderful evening

Stephen E. Grizey :

Feedback is most appreciated. (I might earn a T-shirt)

Customer :

Accept absolutely

Stephen E. Grizey :

U2

Customer :

U got it! thanks again

Stephen E. Grizey :

U R Welcome

Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified
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