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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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How do you know how much of an irasep/simple is taxable?

Customer Question

How do you know how much of an irasep/simple is taxable?
Submitted: 4 years ago.
Category: Tax
Expert:  Megan C replied 4 years ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

When you receive your 1099-R from the company holding your IRA, it will tell you how much of your distribution is taxable.

MyVirtualCPA :

You can get a statement from them to determine what is, and isn't, taxable.

MyVirtualCPA :

Can I be of any additional assistance today?

MyVirtualCPA :

Is there anything particular about your circumstance that you would like clarification on?

MyVirtualCPA :

Generally, all distributions from a SEP IRA/ Simple IRA are taxable.

MyVirtualCPA :

That is because contributions to these plans are tax deductible

MyVirtualCPA :

If you need further clarifications, please reply. Otherwise, please rate my response as "excellent" so that I may receive credit for assisting you today.

Expert:  Megan C replied 4 years ago.
It looks like we have been having trouble in Chat mode. If you could not see my response, please let me know and I will copy it for you. Otherwise, reply below for further information or rate my response as "excellent" if you have received the answer that you need. Please let me know if you need anything additional. Thanks!
Expert:  Megan C replied 4 years ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer