Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I have Form 1099-R with nothing listed in box "2a Taxable

Customer Question
amount". How do I...
I have Form 1099-R with nothing listed in box "2a Taxable amount". How do I determine the amount in box 1 that is taxable?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 47 minutes by:
10/14/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,849
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

...

Were there any non-deductible contributions to this IRA?

...

(meaning is there any money in the IRA that was either contributed in a year when you didn't get to take the tax deduction or mony contributed AFTER tax into a retirement plan)

...

If this money was rolled from a 401(k) or pension OR if you contributed these dollars yourself and the dollars were always deductble, then the full amount would be taxable

...

If some of the contributions WERE on an after tax basis, here's an excellent step-by-step from Mark Kennan:

...

Step 1

Total the nondeductible contributions in your traditional IRA by adding the nondeductible contributions and subtracting any prior distributions of nondeductible contributions. For example, if you put in $55,000 in nondeductible contributions but have already taken out $20,000, you have $35,000 in nondeductible contributions remaining.

Step 2

Divide the nondeductible contributions remaining by the value of your account. In this example, if your traditional IRA's value equals $240,000, divide $35,000 by $240,000 to get 0.145833.

Step 3

Subtract the result from 1 to find the taxable portion of your traditional IRA distribution. In this example, subtract 0.145833 from 1 to get 0.854166.

Step 4

Multiply the taxable portion by the total traditional IRA distribution to find the taxable portion of the distribution. In this example, if you took out $5,000, multiply $5,000 by 0.854166 to find that $4,270.83 of your distribution is taxable.

...

Let me know if you have questions...

...

Lane

...

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Did you see my answer?

Ask Your Own Tax Question
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,849
12,849 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Form 886-A Deductible Home Mortgage Interest Taxpayer has
Form 886-A Deductible Home Mortgage Interest Taxpayer has $1,000,000 in Grandfathered debt. Line 9 Form 886-A - is this line amount after deducting the garandfathered debt… read more
Lane
Lane
JD, CFP, MBA, CRPS
12,849 satisfied customers
My 4-year-old daughter received a 1099-r for an inheritance
My 4-year-old daughter received a 1099-r for an inheritance from an annuity. The 1099 is to my child, as minor, with me as guardian. Do I need to prepare a separate return for my 4 year old daughter? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
Is Form 1099-R Box 9b distribution taxable? How long can I receive it?
I have a client who receives a 1099R each year. The benefit is a statement of survivor annuity paid. Each year the payer list the gross amount of distribution in box 1 and "unknown" in box 2 which is … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
1099-R with distribution code 3. Can I get an earned income credit?
If someone receives a 1099-R with a distribution code 3, can they qualify for earned income credit? The person receives his pension because he became disabled.… read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
Form 1120, cash basis. If Taxes paid to IRS are deductible,
Form 1120, cash basis. If Taxes paid to IRS are deductible, are refunds for overpayment the equivalent of income?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
Traditional IRA contribution - *Married taxpayers file MFJ
Traditional IRA contribution -*Married taxpayers file MFJ *One spouse covered by retirement plan, one is not *AGI will be over $ 200K for 2017 *Taxpayer that is not covered by retirement plan, contrib… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
I'm 75 and subject to annual RMD's from my traditional IRA.
I'm 75 and subject to annual RMD's from my traditional IRA. In looking a way to shelter the RMD amount if I were to reinvest it, I stumbled on the virtually unlimited IRA to Roth Conversion. My questi… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
You may recall that tax deductions are only deductible by
You may recall that tax deductions are only deductible by the legislative grace of Congress. After this lesson, you might have realized that Congress was pretty generous with the types of business exp… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I received a 1099-R for a Roth IRA conversion but some of
I received a 1099-R for a backdoor Roth IRA conversion but some of the contributions made to the traditional IRA were nondeductible, one was deductible and there were some earnings. Is the entire amou… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
If I am about to turn 70 and I have a Traditional IRA and a
Hi Pearl! If I am about to turn 70 and I have a Traditional IRA and a Roth IRA, can I take my RMD's from my Roth as opposed to my Traditional? I know that the Roth doesn't have required RMD's but I wa… read more
abci168
abci168
Principal
27 satisfied customers
Can house maintenance and property taxes be deducted on form
Hello. Can house maintenance and property taxes be deducted on form 1041 for a house owned by decedent prior to the Executors selling it? … read more
Lane
Lane
JD, CFP, MBA, CRPS
12,849 satisfied customers
I received a 1099-R for a IRA conversion, where I made a non
I received a 1099-R for a backdoor IRA conversion, where I made a non deductible contribution to a traditional IRA and converted it to a Roth IRA. The code says 2 on the 1099-R, would the conversion b… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My wife has a traditional IRA, Roth IRA, 401K and a pension.
My wife has a traditional IRA, Roth IRA, 401K and a pension. I have a Rollover IRA, Roth IRA and two 401ks. We wish to divide all retirement funds 50/50 but I do not see a way to communicate that. Ide… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
Form 1099-DIv show there is a nondividend distribution on
Form 1099-DIv show there is a nondividend distribution on box 3. will this amount reduce the stock basis?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
My 2016 form 1099-R shows gross distribution of $5,704.56.
My 2016 form 1099-R shows gross distribution of $5,704.56. 2a shows a taxable amount of $707.28. On TurboTax it only uses the $5,704 56. Why … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I received a form 1099-R with 7D distribution code but there
i received a form 1099-R with 7D distribution code but there is no amount in the "taxable amount" box. Do i owe any income tax? has the annuity company made an error? my accountant was not clear on th… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
I received a 1099-R with distribution code 2 and the
I received a 1099-R with distribution code 2 and the IRA/SEP/SIMPLE box checked. This is from my Annuity and I moved that money to my Indexed Universal Life Insurance. Is the IUL considered a roll ove… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
On Form 1099 -R: Box 1 show a $400 and in box 7 distribution
On Form 1099 -R: Box 1 show a $400 and in box 7 distribution code: W. Box 8: other :400.1. Is this 400 taxable? box 2a is blank 2. The box 7 distribution code W is charges/payments for purchasing LTC … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x