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#2
02-05-2004, 08:36 PM
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 Re: 401K rollover to IRA YJCassel[at]webtv.net (Jim) wrote: - quote - > I rolled a 401K plan over into a Mutual Fund IRA after
You should NOT have received a 1099-DIV form for any IRA> leaving the company. I am 71 years old, so took the > necessary withdrawal and rolled the balance. The 1099 I > received from the Mutual Fund lists dividends along with the > other 2 accounts I have with them. My question, do you pay > income tax on dividends received on an IRA when received? > That seems like double taxation because you are taxed when > you withdraw if so. account, but you should have received a 1099-R for the MANDATORY RMD you had to take from your IRAs. Sounds like your custodian screwed up the paperwork. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-04-2004, 03:33 AM
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| Re: 401K rollover to IRA Jim <YJCassel[at]webtv.net> posted: - quote - > I rolled a 401K plan over into a Mutual Fund
From your facts, the Mutual Fund has made an error. You> IRA after leaving the company. I am 71 years > old, so took the necessary withdrawal and > rolled the balance. The 1099 I received from > the Mutual Fund lists dividends along with the > other 2 accounts I have with them. My > question, do you pay income tax on dividends > received on an IRA when received? That > seems like double taxation because you are > taxed when you withdraw if so. should contact them and request a corrected 1099, which does not include any dividends (or income of any kind) from investments held within your IRA. You only pay taxes on *Distributions* from an IRA -- never on events _within_ the IRA. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-04-2004, 02:35 AM
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| Re: 401K rollover to IRA YJCassel[at]webtv.net (Jim) writes: - quote - > I rolled a 401K plan over into a Mutual Fund IRA after
No, and there should be no 1099-DIV for an IRA account.> leaving the company. I am 71 years old, so took the > necessary withdrawal and rolled the balance. The 1099 I > received from the Mutual Fund lists dividends along with the > other 2 accounts I have with them. My question, do you pay > income tax on dividends received on an IRA when received? Check with the fund immediately. There appears to be a problem. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-03-2004, 01:49 AM
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| 401K rollover to IRA I rolled a 401K plan over into a Mutual Fund IRA after leaving the company. I am 71 years old, so took the necessary withdrawal and rolled the balance. The 1099 I received from the Mutual Fund lists dividends along with the other 2 accounts I have with them. My question, do you pay income tax on dividends received on an IRA when received? That seems like double taxation because you are taxed when you withdraw if so. Thank you, Jim << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 401k, ira, rollover |
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