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Asked 3/16/2010
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401k tasable I inherited a 401K from my uncle's trust. I rolled the entire 43000.00 over into a IRA and then took a 25000.00 distribution. Why does my 1099 show the 43000.00 as a distribution with zero amount taxable? |
Answer 1/1 - Submitted 3/16/2010
The 43000 that you rolled into your own IRA was not a taxable event. You moved it from one retirement account into another qualifying retirement account.
The 25000 that you took out should be totally taxable to you.
Your tax return should show total distributions of 43000 from pensions, zero taxable, and 25000 from an IRA, completely taxable.
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