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In box 5 on my Form 1099-R is the amount of $1974.48. How am…

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In box 5 on...

In box 5 on my Form 1099-R is the amount of $1974.48. How am I to apply this to my 2017 Form 1040? By the way, I purchased Service Credit prior to retiring in 2009.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I only have no IRA, Roth, insurance contracts, etc.. My only contribution is an after-tax deduction on my monthly pension statement!

Accountant's Assistant: Is there anything else important you think the Accountant should know?

No! That is the extent of my knowledge on the situation.

Submitted: 1 month ago.Category: Tax
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Answered in 18 minutes by:
3/26/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,740
Experience: Taxes, Immigration, Labor Relations
Verified

Box 5 represents your basis in the retirement plan.

That amount is distributed tax free.

The issue here that you will need to allocate that amount for each year.

That is done in the first year you start retirement benefits using the Simplified Method.

See page 14 - example

https://www.irs.gov/pub/irs-pdf/p575.pdf

Worksheet A. Simplified Method Worksheet

You will need to use your age when you start benefits and number of month you expect to receive these benefits

Let me know if you need any help with calculations.

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Tax Professional: Lev, Tax Advisor replied 29 days ago

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Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
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