IRS 1099-R Box 1, and Fed Tax Withheld

#6 11-29-2004, 05:28 PM

Of course. Just as a W-2 includes Federal and state tax
withholding in the gross wages.

Nan, EA in LA
Entrenched belief is never altered by the facts.....

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#5 11-29-2004, 04:12 PM

Jim Larkey wrote:

- quote -

> Would appreciate some info from any tax people out there on
> whether the amount the payor indicates in Box 1, Gross
> Distributions, should include Fed tax withheld on an IRA, as
> well as the IRA distributions of course.
> Not sure the payor has it right.

Box 1 is as noted, "Gross amount". The net amount of the
check is after any federal and/or state taxes withheld.

therefore it's right.

ChEAr$,
Harlan Lunsford, EA n LA

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#4 11-29-2004, 04:12 PM

"Jim Larkey" <jimlarkey[at]REMOVETHISvoyager.net> wrote:

- quote -

> Would appreciate some info from any tax people out there on
> whether the amount the payor indicates in Box 1, Gross
> Distributions, should include Fed tax withheld on an IRA, as
> well as the IRA distributions of course.
> Not sure the payor has it right.

The gross amount of money distributed goes into Box 1.
Withholdings are part of that distribution.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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#3 11-29-2004, 04:12 PM

- quote -

> Would appreciate some info from any tax people out there on
> whether the amount the payor indicates in Box 1, Gross
> Distributions, should include Fed tax withheld on an IRA, as
> well as the IRA distributions of course.

Most certainly.

Helen, EA in PA
Director, NAEA; Immediate Past President, PSEA; Tax Expert, AOL
Enrolled Agents - THE Tax Professionals

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#2 11-29-2004, 03:53 PM

- quote -

> Would appreciate some info from any tax people out there on
> whether the amount the payor indicates in Box 1, Gross
> Distributions, should include Fed tax withheld on an IRA, as
> well as the IRA distributions of course.
> Not sure the payor has it right.

The Gross distribution would include any federal income tax
withheld.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#1 11-29-2004, 03:53 PM

"Jim Larkey" <jimlarkey[at]REMOVETHISvoyager.net> wrote:

- quote -

> Would appreciate some info from any tax people out there on
> whether the amount the payor indicates in Box 1, Gross
> Distributions, should include Fed tax withheld on an IRA, as
> well as the IRA distributions of course.
> Not sure the payor has it right.

The amount in Box 1 is the GROSS amount of the withdrawal,
and includes the amount withheld.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

11-29-2004, 03:53 PM

"Jim Larkey" <jimlarkey[at]REMOVETHISvoyager.net> writes:

- quote -

> Would appreciate some info from any tax people out there on
> whether the amount the payor indicates in Box 1, Gross
> Distributions, should include Fed tax withheld on an IRA, as
> well as the IRA distributions of course.
> Not sure the payor has it right

The "GROSS" amount is included in Box 1. Fed tax withheld
is part of the gross distribution and, therefor, is included
in Box 1.

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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#-1 11-26-2004, 02:30 PM

Would appreciate some info from any tax people out there on
whether the amount the payor indicates in Box 1, Gross
Distributions, should include Fed tax withheld on an IRA, as
well as the IRA distributions of course.

Not sure the payor has it right.

Cheers,
Jim

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