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May name is ***** ***** & I just recieved a 1099-R form and…

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Hi may name is...

Hi may name is ***** ***** & I just recieved a 1099-R form and am nervous about what it will do to my taxes and how much it may be

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

Okay,I recieved an check last year from a vested benefit plan that was just discovered from my late husbands retirement plan,it was one sum payment,and now I just recieved a 1099-R for that amount & am concerned

Submitted: 2 years ago.Category: Tax
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Answered in 16 minutes by:
1/28/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,984
Experience: Taxes, Immigration, Labor Relations
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Hi and welcome to our site!

You will need include that amount into your tax return.

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Tax Professional: Lev, Tax Advisor replied 2 years ago

On form 1040 - you need to report
line 16a - from 1099R box 1 - total distribution
line 16b - from 1099R box 2a - taxable part of distribution - in most cases it is equals to box 1.
line 64 - from 1099R box 4 - that how the amount of tax withheld is credited!
Let me know if you need help to estimate your possible tax liability.

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