Joe Walker wrote:

- quote -

The gross amount (Box 1) on the 1099R goes on line 16a of
the form 1040. The taxable part (box 2) goes on line 16b.
IF you are under 59 1/2 years of age 10% of line 16b goes on
line 60 of the form 1040. The withholding from the 1099R
goes on line 64 of the 1040, as well as withholding from
forms W-2.

Missy Doyle

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walker5000[at]webtv.net (Joe Walker) writes:

- quote -

In other words, $7000 was removed from the retirement
account.

- quote -

You show the whole $7000 in the income section of 1040.

You show the $1400 on the payments section of 1040, on
the same lane where you'd show taxes income tax withheld
from your paycheck.

- quote -

And don't forget the form to compute the 10% early
withdrawal penalty on that $7000.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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Joe Walker wrote:

- quote -

Report the 1099-R information on Lines 16a and 16b of your
1040. That should be $13,000 on Line 16a and $7,000 on Line
16b. Write "rollover" to the side of that line.

The $1400 withholding will be added to other withholding on
Line 64. Since you seem to be under age 59-1/2, you are
subject to a 10% penalty tax on the funds not rolled over
and will have to enter $700 on Line 60.

<< ================================================== ===== > << 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. > << ================================================== ===== >

In 2005 I closed a retirement account and took a lump sum.
$6000 went to an existing IRA.
$5600 transfered to my savings. The gross amount figure here
was $7000...but $1400 was held to prepay federal income tax.
I have the required 1099-R forms showing this.

My problem is that I'm confused about which line(s) on the
1040 to report this while making it clear that $1400 has
already been withheld. If it matters, I am not near
retirement age.

thank you in advance.

J D Walker

<< ================================================== ===== > << 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. > << ================================================== ===== >