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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3126
Experience:  IRS licensed Enrolled Agent and tax instructor
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I'm just wondering if I will need to pay any taxes. I'm on

Customer Question

I'm just wondering if I will need to pay any taxes. I'm on disability but last year got divorce, and received half of my ex retirement. I placed it in a IRS/SEP/SIMPLE. The original amount was $19730.41 under a 1099-R form. But I have taken money out, received a 1099-R form from the bank, with the amount of $10805.56. The federal tax I paid is $1080.56. Do I need to file?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. What are the distribution codes in box 7 on each form?
Customer: replied 1 year ago.
On the paper from Bank it has a 1, and the other one has a Good a
Customer: replied 1 year ago.
The other has a G, sorry spell check
Expert:  emc011075 replied 1 year ago.
Code G means rollover, it is not taxable but code 1 is early distribution. Which means, you will have to file, even if your total income is bellow the filing requirement because of the 10% penalty for early distribution.
Expert:  emc011075 replied 1 year ago.
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