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#1
02-02-2006, 12:15 AM
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 Re: HCE 401K money returned <michaeljc70[at]hotmail.com> wrote: - quote - > I received 401K money back in Mar of 2005 because our 401K
I assume you did this because you were told that it was 2004> didn't meet the HCE rules. I amended my return and declared > that income on my 2004 return. income. - quote - > In 2006 I got the 1099-R for
No. The distribution was in 2005, so it goes on a 2005> this distribution. Shouldn't they have issued me a 1099 in > 2005 for 2004 instead? 1099-R. - quote - > I am wondering if the IRS is going
Stop wondering and look at the code in box 7 and the> to be able to match this to last years return or I am going > to have problems. I am assuming I don't have to report this > anywhere on my 2005 return. instructions on the back of copy C. You should find that the code is "P" and that the IRS already knows it was 2004 income. You do not report it on your 2005 return. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-01-2006, 11:54 PM
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| Re: HCE 401K money returned "michaeljc70[at]hotmail.com" <michaeljc70[at]hotmail.com> wrote: - quote - > I received 401K money back in Mar of 2005 because our 401K
No, and if you read the code on the 1099 it tells you> didn't meet the HCE rules. I amended my return and declared > that income on my 2004 return. In 2006 I got the 1099-R for > this distribution. Shouldn't they have issued me a 1099 in > 2005 for 2004 instead? I am wondering if the IRS is going > to be able to match this to last years return or I am going > to have problems. I am assuming I don't have to report this > anywhere on my 2005 return. exactly what it is. The IRS reads the code too. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-31-2006, 08:26 PM
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| HCE 401K money returned I received 401K money back in Mar of 2005 because our 401K didn't meet the HCE rules. I amended my return and declared that income on my 2004 return. In 2006 I got the 1099-R for this distribution. Shouldn't they have issued me a 1099 in 2005 for 2004 instead? I am wondering if the IRS is going to be able to match this to last years return or I am going to have problems. I am assuming I don't have to report this anywhere on my 2005 return. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 401k, hce, money, returned |
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