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I got pension in Dec from previous job of $13,000. I withdrew $6000 in Dec. I got two 1099R. One contributions of $13,000 and One contributions of the $6000 which do use

Forum|Forum|7 years ago
June 5, 2019
9 replies
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Need to know if I use both 1099R for my taxes this year. I only withdrew $6000 in 2017

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Best answer by VolvoGirl

Yes G is a direct transfer so it won’t be taxed. It will show up on line 16a with the word ROLLOVER by 16b.

The 6,000 will show up on line 15b for IRA. Be sure to check the little IRA box.

D

DanO

Sounds like these are distributions, correct? The one for $13,000 might be something that could have been rolled over to an IRA. What information in on the 1099Rs.

M

martin-cassieAuthor

The guy at Mutual of America said to take out half in Dec and I took the rest out in January so it would be in two different tax years. I’m confused which one do I use the $6000 for my taxes I’m doing now and what I took out this month for next tax year??

M

martin-cassieAuthor

Yes it was rolled over into IRA and I withdrew $6000 in Dec and $7000 in January which closed it out

VolvoGirl

Employee

Yes you need 2 forms. The first one is for the rollover. That will not be taxable. What code is in box 7 on them?

M

martin-cassieAuthor

The one for $6000 days 1 and has X in box says IRA. The one for $13,000 says G

M

martin-cassieAuthor

Are you talking about on the actual tax form when I do my taxes to check all these boxes

VolvoGirl

Employee

Enter each 1099R one at a time exactly as shown and answer the follow up questions. After you enter the first one you can add the second one.

M

martin-cassieAuthor

Ok thanks for all your help I was really nervous thought I was going to have to pay taxes on all of this $13,000 God bless

VolvoGirlAnswer

Employee

Yes G is a direct transfer so it won’t be taxed. It will show up on line 16a with the word ROLLOVER by 16b.

The 6,000 will show up on line 15b for IRA. Be sure to check the little IRA box.