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My gross distribution on my 1099R is 15000 and 3000 was
My gross distribution on my 1099R is 15000 and 3000 was withheld for federal taxes. What do I list on my 1040A? Do I list the 15000 or 12000? I don't want to get taxed a second time. … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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Master's Degree
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I have an S-Corp with a solo 401(k). I'm (an employee)
I have an S-Corp with a solo 401(k). I'm (an employee) considering doing a distribution (not loan) from the 401k. I understand the S-Corp is required to withhold 20% federal withholding tax for this d… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Well I ususally use turbo tax and this last year I took an
Well I ususally use turbo tax and this last year I took an early withdrawal from my 401K to help with a home purchase. My Vanguard fund adviseor told me to go ahead and have the 10% penealty taken out… read more
Mark Taylor
Mark Taylor
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I'm a US citizen living outside the US (in the UK). I
I'm a US citizen living outside the US (in the UK). I inherited a Vanguard IRA account about four months ago. Vanguard has now written to me stating that because I have a foreign address, it requires … read more
Barbara
Barbara
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I'm doing my 2015 taxes using turbo tax. I have a 1099-INT
i'm doing my 2015 taxes using turbo tax. I have a 1099-INT with zero in boxes 1 thru 17 and numbers in boxes 1d and 1e. How and where do i enter those numbers?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I received a death benefit from my aunt's retirement
I received a death benefit from my aunt's retirement account. The California company, LACERA, sent a check for $4000 of the $5000 benefit and deducted $1000 in Federal tax. Is this accurate?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
I cashed in my pera and they took 20% out . I will
I cashed in my pera and they took 20% out for federal. I will make about 11000 this year. I am 52 so I will get charged the 10% penalty for early with drawal. The original amount was 17000 and I recei… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
I'm trying to update my W-4 exemption because I just bought
I'm trying to update my W-4 exemption because I just bought a house but I'm not sure how to complete it to account for this.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,004 satisfied customers
I renounced my US citizenship in 2014. After renouncing I took
I renounced my US citizenship in 2014. After renouncing I took a lump sum distribution of 2 IRAs: a simple IRA in my name and a Beneficiary IRA. I am under 59 1/2. It is my understanding that I will p… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
If I had 1099 employee and paid him $20,000 total for
If I had 1099 employee and paid him $20,000 total for calendar year. How would I file 1099 form for him. He dad no taxes withhold. so what numbers would go in: Box 1 Gross Distribution Box 10 State Ta… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
i had a 401K distribution for $95k; they took out $19k (noone
i had a 401K distribution for $95k; they took out $19k (noone explained they should have just rolled it into an IRA)..I put the remaining $76k into an IRA and then I took out $44k to buy my house. Do … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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My wife has a Vanguard 401k IRA which was started through a
My wife has a Vanguard 401k IRA which was started through a company she no longer works for. She is 50 and wishes to withdraw some of the cash from it. How is this done, and how are the taxes and pena… read more
Jacy
Jacy
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I worked at an office for 8 years, quit in 8/09. Just received
I worked at an office for 8 years, quit in 8/09. Just received my Profit Sharing Plan Termination of Employment Request for Distribution and it makes NO sense to me. My vested balance is 29,542.00 and… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
Called Vanguard in July to ask them NOT to take Minimum Required
Called Vanguard in July to ask them NOT to take Minimum Required Distribution out of my IRA for 2009. Assured it would not be taken out. Called in December to verify no deduction would be taken. Again… read more
Merlo
Merlo
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Hello, I am US taxpayer. I am 56 years old. 45 days ago,
Hello, I am US taxpayer. I am 56 years old. 45 days ago, I elected a early retirement of 50% of my defined benefit plan - a commutation of the pension. The organization I worked for pays the tax liabi… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,500 satisfied customers
I just closed an IRA account early, Im 43. The account had
I just closed an IRA account early, I'm 43. The account had a cash value of $35K prior to 10% penalty. I received a net check for $31K. I live in Michigan. What is my tax liability on this money, shou… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
Is state distribution the same amount as state income tax withheld?
Dear lilbit, The reason the form indicates state distribution, is that some states exempt a portion of a distribution from taxation. However this depends on the source of the payment. What I am confus… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I withdrew gains from my IRA account. Can I use prior ...
I withdrew gains from my IRA account. Can I use prior captial gain losses to offset the withdrawn IRA gain to avoid taxes?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
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