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My son cashed a retirement savings plan to be used to
My son cashed a retirement savings plan to be used to purchase first home. He received a 1099-R form with a distribution code of 1 in box 7. He was advised that cashing this purpose was exempt from 10… read more
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I live in North Carolina and work in Virgina. I receive
I live in North Carolina and work in Virgina. I receive income from where I retired from a NC company. I also withdrew some money from my 401K (early with penalty). I know for calculating Va state tax… read more
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My husband has taken out 2 loans on his 401K. The 2 separate
My husband has taken out 2 loans on his 401K. The 2 separate loan payment amounts are taken out every two weeks out of his paycheck by his employer. When doing our taxes this year we received 2 1099-R… read more
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I have 1099-R forms that list the total $$ amount I withdrew
I have 1099-R forms that list the total $$ amount I withdrew in 2012 but, part of the $$ was for my 2011 RMD since I was 70 & 1/2 that year and waited until just before April 1, 2012 to make the RMD. … read more
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I withdrew money from my 401k to purchase rental property.
I withdrew money from my 401k to purchase rental property. I was 61 last year. My daughter is currently renting the house. Is the money I withdrew considered normal income or can it still be considere… read more
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A couple years ago I took out 10,000 from my 401 one year and
A couple years ago I took out 10,000 from my 401 one year and 5,000 another year what will I have to pay now if I never filled them on thos tax years and how can I now file that info if I need to.… read more
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I was the benificiary of my fathers 401k. The state of SC
I was the benificiary of my father's 401k. The state of SC took the taxes. When I filed in 2009, I didn't report the inheritance. I was told it was not taxable. The state of SC reported the $$ 1099-R.… read more
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I have two Roth IRAs that were started in the 2005 tax year,
I have two Roth IRAs that were started in the 2005 tax year, $2000 each. This year I will be 59 and 1/2, and I wish to make tax-free withdrawls. I have been making contributions to both IRA accounts f… read more
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I rolled a 401K over to a Roth IRA. Then because my new employer
I rolled a 401K over to a Roth IRA. Then because my new employer does not offer any 401K I started having an amount of money taken out of my paycheck and automatically deposited into my account at Cha… read more
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I received a letter that I will be mailed a 1099R. Does a 1099R
I received a letter that I will be mailed a 1099R. Does a 1099R involve being taxed on money that I already withdrew? Also will I be taxed on this money that had federal and stare taxes withheld? If, … read more
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On 12/10/08 I received a total distribution for my 401K in
On 12/10/08 I received a total distribution for my 401K in the amount of $53,954.53. Income tax was withheld in the amount of $10,790.91. I had a looan balance of $8494.06 and actually received a chec… read more
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I was a beneficiary of a 401k from my deceased uncle, what
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I closed out my simple IRA in 2009. The amount was 3006.10,
I closed out my simple IRA in 2009. The amount was 3006.10, 3000 of which was the initial amount used to open the IRA. No taxes were withdrawn from the IRA when it was closed, so how would I handle th… read more
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I withdrew money from my 401K to pay off credit cards. They
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Mark D
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Can I claim my 18 year old son on my taxes He earned more
Can I claim my 18 year old son on my taxes? He earned more than $3000 working and he also withdrew around $4000 from a 401K that was left to him by my deceased sister. He is not attending school but w… read more
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WHEN I TURNED 59 1/2 I TALKED TO MY 401K AGENT TO SEE IF I ...
Based on these two 1099-Rs, you will enter the sum of the amounts from box 1 on both forms on line 16a of Form 1040. Then on line 16b (the taxable portion) you will enter $55,725 (from box 2) and writ… read more
Bill
Bill
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My father passed away in 2003. He left a 401K to be split ...
My father passed away in 2003. He left a 401K to be split between his wife, my brother, sister & I. My sister is the only one who deducted anything from her portion in 2005. It is my understanding tha… read more
Lev
Lev
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