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Subject Author Date
1099-R Taxable Amount Cliff Powell 03-31-2007
Posted by Cliff Powell on March 31, 2007, 9:55 pm
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 I have some clients who receive a 1099-R with
gross wages and taxable amount the same but
have the box for "taxable amount not determined"
checked. If it has not been determined why do
they put the amount in the taxable amount box?
What am I missing here? TIA

cliffp

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Posted by Don Priebe on April 2, 2007, 5:58 pm
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> I have some clients who receive a 1099-R with
> gross wages and taxable amount the same but
> have the box for "taxable amount not determined"
> checked. If it has not been determined why do
> they put the amount in the taxable amount box?
> What am I missing here? TIA

Could be a distribution from a conventional IRA. The
fiduciary would have no way of knowing what your basis (if
any) in the IRA was.

--
Don EA in Upstate NY

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Harlan Lunsford on April 2, 2007, 5:58 pm
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Cliff Powell wrote:

> I have some clients who receive a 1099-R with
> gross wages and taxable amount the same but
> have the box for "taxable amount not determined"
> checked. If it has not been determined why do
> they put the amount in the taxable amount box?
> What am I missing here? TIA

I see your confusion. I would just go with what's
called taxable amount and be done with it.

BTW, it's a pension, and not wages.

ChEAr$,
Harlan Lunsford, EA n LA

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Mark Bole on April 2, 2007, 5:58 pm
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Cliff Powell wrote:

> I have some clients who receive a 1099-R with
> gross wages and taxable amount the same but
> have the box for "taxable amount not determined"
> checked. If it has not been determined why do
> they put the amount in the taxable amount box?
> What am I missing here? TIA

A 1099-R does not report wages, but distributions from a
retirement plan.

They are simply following the IRS instructions for Form
1099-R, which tell them to do exactly what you see, in the
case of a traditional IRA distribution.

They check the box because they don't know if you have an
after-tax (non-deductible) basis in the account. They put
the full amount in box 2a because that is the worst-case
default, but if you have information to determine that it is
not fully taxable, use it.

-Mark Bole

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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