Welcome! | Ask A Question
Asked 4/6/2010
|
I cashed out my 401K last year It was only 1205.35, I had the taxes deducted at the time, the amount taken out was 241.07 leaving me with a check of 940.17. Im trying to prepare my own tax return but afraid ill do it wrong.. my question is. Do i report the 1205. as income on line 7 ? and and also report the taxes withheld or is there a specail way to handle this 1099r ? DO i treat this 1099 statement like a W-2 form? |
Answer 1/1 - Submitted 4/6/2010
The 1205 is income, but goes on line 16. If the taxable amount in box 2 is the same as the amount in box 1, then only show the box 2 amount, on 16b.
The withholding should show on line 61, along with any withholding from W-2s.
If you are subject to the 10% early distribution penalty, that goes on line 58.
(All line numbers reference the 1040.)
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
I recently got divorced and part of the agreement was i was to recieve money for my 1/2 of equity in a home me and my now ex husband were buying.he kept hte home and i had ot relocate will i have to pay taxes on the money i recieved.i will also get 1/2 of his 401k as he will mine it is to be set up...
I was out of work for the entire year of 2007. i did not collect any unemployment. even though i have no income to report, i do have deductions and i have in the past itemized deductions. how do i file and claim deductions since i have no income to report? should i withdraw from my 401k in order...
I need to know if accept a payment from my after tax contributions out of my 401k, if it will cause me to pay taxes? the amount is $14,200 approx. how do i figure that out?
|
Will i have to pay taxes on money paid to me after my divorce I recently got divorced and part of the agreement was i was to recieve money for my 1/2 of... |
|
I was out of work for the entire year of 2007. i did not collect any unemployment. even... |
|
I need to know if accept a payment from my after tax contributions out of my 401k, if it will... |
|
Can you withdraw funds from a 401k at any time due to a terminal illness? |
|
Question: in the past the 401k contribution reduced all taxable wages dollar for dollar... |
|
Taxes and penalties on 401k early withdrawal for new home If i withdraw my 401k to purchase a house would i still be subjected to the 10% penalty and... |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.