Home Page link  

1099-R Taxable Amount

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
1099-R Taxable Amount Cliff Powell 03-31-2007
Posted by Cliff Powell on March 31, 2007, 9:55 pm
Please log in for more thread options
 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

<< ======================================================= >>
<< 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 Don Priebe on April 2, 2007, 5:58 pm
Please log in for more thread options
> 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
Please log in for more thread options
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
Please log in for more thread options
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. >>
<< ======================================================= >>

Similar ThreadsPosted
Re: csa-1099R taxable amount June 3, 2006, 9:44 am
Re: csa-1099R taxable amount June 3, 2006, 10:03 am
Tax Free Interest and Dividends Taxed Due to Calculation of Taxable Amount of SS Benefits January 12, 2007, 3:06 am
Not understanding 1099R, 401K loan April 14, 2008, 9:47 pm
Help with 1099R for 2007 with Distribution code P April 15, 2008, 8:12 pm
Roth IRA Distribution and 1099R problem September 30, 2008, 9:00 pm
Missing 1099R with tax withheld and 2004 return April 4, 2008, 8:26 pm
Amending 2007 taxes -- can I file before receiving 1099R-correction? November 29, 2007, 8:04 pm
Trust B tax amount April 3, 2007, 2:26 am
K-1, Amount At Risk March 23, 2008, 9:50 am

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap