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Subject Author Date
Rollover of 401k blaha 02-10-2008
`--> Re: Rollover of 401k removeps-groups...02-11-2008
Posted by blaha on February 10, 2008, 11:58 pm
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 A quick question for the better educated; thank you for saving me some
research time.

I received a form 1099-R for a 401k distribution.
I left the company; it was rolled straight to another company.
Block 7 Distribution Code is 'G'.

Now - can I just completely ignore this on my taxes, or will I find a
place to enter it, and then another place to back it out?

Thanks!

========================================= MODERATOR'S COMMENT:
The IRS asks you to add the 1099R Gross Distribution amount to
Form 1040 Line 16a, and add nothing to line 16b. At the left of Line 16
write the word Rollover. That's it. Simple?

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Phil Marti on February 11, 2008, 4:53 am
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>A quick question for the better educated; thank you for saving me some
> research time.

PLEASE take the minute or two necessary to confirm our esteemed Moderator's
correct response in the instructions for Line 16 of the 1040. After all,
it's your taxes, not his, and one can read all sorts of "absolutely true"
statements about taxes that are anything but.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by joetaxpayer on February 11, 2008, 8:10 am
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Phil Marti wrote:
>
>
>>A quick question for the better educated; thank you for saving me some
>>research time.
>
>
> PLEASE take the minute or two necessary to confirm our esteemed Moderator's
> correct response in the instructions for Line 16 of the 1040. After all,
> it's your taxes, not his, and one can read all sorts of "absolutely true"
> statements about taxes that are anything but.

I just pulled up my (05) taxes, which is when my lump-sum pension was
given to me. Just as the mod (can't be sure who) stated "The IRS asks
you to add the 1099R Gross Distribution amount to Form 1040 Line 16a,
and add nothing to line 16b. At the left of Line 16 write the word
Rollover."

16a = Pensions and Annuities
16b = Taxable amount (see instrs)
Turbotax, in my case, took the explanation "rollover" and put that to
the left of 16a, in the margin.
JOE
www.blog.joetaxpayer.com

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by blaha on February 11, 2008, 2:18 pm
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> Phil Marti wrote:
>
> >>A quick question for the better educated; thank you for saving me some
> >>research time.
>
> > PLEASE take the minute or two necessary to confirm our esteemed Moderator's
> > correct response in the instructions for Line 16 of the 1040.  After all,
> > it's your taxes, not his, and one can read all sorts of "absolutely true"
> > statements about taxes that are anything but.
>
> I just pulled up my (05) taxes, which is when my lump-sum pension was
> given to me. Just as the mod (can't be sure who) stated "The IRS asks
> you to add the 1099R Gross Distribution amount to Form 1040 Line 16a,
> and add nothing to line 16b. At the left of Line 16 write the word
> Rollover."
>
> 16a = Pensions and Annuities
> 16b = Taxable amount (see instrs)
> Turbotax, in my case, took the explanation "rollover" and put that to
> the left of 16a, in the margin.
> JOEwww.blog.joetaxpayer.com
>
> --
> << ------------------------------------------------------- >>
> << 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 atwww.asktax.org.                 >>
> <<         Copyright (2007) - All rights reserved.         >>
> << ------------------------------------------------------- >>

Thank you very much.

========================================= MODERATOR'S COMMENT:
Please delete from the post to which you respond the part of the text
which is not either relevant to the context or to portion to which you
directly respond. Thank you for your assistance.

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Harlan Lunsford on February 11, 2008, 6:12 pm
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Phil Marti wrote:
>
>> A quick question for the better educated; thank you for saving me some
>> research time.
>
> PLEASE take the minute or two necessary to confirm our esteemed Moderator's
> correct response in the instructions for Line 16 of the 1040. After all,
> it's your taxes, not his, and one can read all sorts of "absolutely true"
> statements about taxes that are anything but.
>
Well just let me take a minute or two necessary and I will confirm our
esteemed moderator's (little case) correct response to the OP.

To the OP; he's right!

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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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