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Asked 2/7/2009
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2 1099r for same money I retired and the company sent my 401k to my bank the sum of $94 thousand and it went into a ira that i could take out and use as needed. now the bank put $13 thousand in a long term ira. the balance of $81 thousand i can use as needed. now i got a 1099r form company for the total of $94 thousend. the bank send me a 1099r for the $81 thouseand. when i enter them into my 1040 it shows i got $176 thousand. when i only got $94 thousend and must pay tax on the $81 thousand. what im i doing wrong? how do explain that the $81 thousand and the $13 thoused total the $94 thousand |
Answer 1/2 - Submitted 2/7/2009
It seems that you didn't roll over the 94K into a bank IRA, but instead withdrew it from your 401k (that you 401k management company reported on a 1099R. You then put 13K into an IRA and kept 81K for use in a regular bank account. In that case the bank made a mistake in sending you the second 1099R. Or, maybe you rolled over the 94K into an IRA with the bank and then withdrew 81K for your immediate use. In that case your 401K management company made a mistake.
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