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January 24, 2023
Question

I rolled stock out of my 401k & need to pay taxes on the cost basis. I entered the 1099R taxable amount into Turbo Tax; however, TT isn’t including in the taxes due calc.

  • January 24, 2023
  • 1 reply
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1 reply

January 24, 2023

To verify, did you take a distribution (cash) or moved the funds to another similar retirement account?

 

If you made a rollover (moved the funds into another similar retirement account) then this will not be taxable. You can check line 5b of Form 1040 how much was taxable.

 

To preview Form 1040:

 

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left

 

If this doesn't answer your question please provide more details and we will be happy to assist you. What is the code in box 7 of your Form 1099-R?

 

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fanfare
Employee
January 24, 2023

the cost basis of stock taken from a 401k is the closing value on the arrival of the stock  in your regular account.

Did you later sell that stock ?

@KarleyMc 

Employee
January 24, 2023

Or did you do a lump-sum distribution that included Net Unrealized Appreciation reported in box 6 of the Form 1099-R provided by the payer?