Quote:
Originally Posted by ajaykumar so in 2013 i got 1099R with $5k and box 2a amount as zero.(Dist Code G)
Now (Nov 2016) they have sent me two 1099-R's - one for $4.5k and box 2a amount as zero (DistCode G) and another 1099-R for .5k and box2a amount as .5k (Dist Code E).
From Turbo tax seems correct in my situation - "t appears that this Code E for a corrective distribution from your SIMPLE IRA back to your employer is perfectly legitimate, although uncommon."
Anyway, based on your response and box2a amount, looks like i will have to file 2013 return again and 2014/2015 due to changes in 2013 taxes.
i guess need to start loving filing taxes!
Thanks for your quick response, if you have any additional comments based on above please share. |
so in 2013 i got 1099R with $5k and box 2a amount as zero.(Dist Code G)===>Correct as you said, as the total amt was reported on 1099R box 1 as gross distribution.
Now (Nov 2016) they have sent me two 1099-R's - one for $4.5k and box 2a amount as zero (DistCode G) and another 1099-R for .5k and box2a amount as .5k (Dist Code E).===>Then you need to report the amt on 1099R box 2a on your 1040 line 16b. Box 2a indicates Taxable amount which was the distribution amount ($.5k) by filing 1040X for 2013. The box "taxable amount determined" refers to whether or not the plan administrator or trustee making the payment to you has information available to make tax determination of the treatment in certain types of plans where the amount of your proceeds can include both before and after tax contributions or some other formula whereby distributions to you are only partially taxable. The box is nearly always checked if the distribution is from an IRA or rollover IRA. While your distribution may qualify for exception from the 10% penalty, it will still be fully counted as taxable in your ordinary income. There isn't any exception from ordinary income taxation unless the funds are Roth or other type of after-tax accounts. This part of the distribution is generally taxable. If there is no entry in this box, you may not have all the facts needed to figure the taxable amount. In that case, the first box in box 2b should be checked. For a direct rollover, other than from a qualified plan to a Roth IRA, zero should be shown, and you must enter zero on the ?Taxable amount? line of your tax return. If you roll over adistribution (other than a distribution from a designated Roth account) from a qualified plan (including a governmental section 457(b) plan) or section 403(b) plan to a Roth IRA, you must include on the ?Taxable amount? line of your tax return the amount shown in this box plus the amount in box 6, if any. If this is a total distribution from a qualified plan
From Turbo tax seems correct in my situation - "t appears that this Code E for a corrective distribution from your SIMPLE IRA back to your employer is perfectly legitimate, although uncommon."
Anyway, based on your response and box2a amount, looks like i will have to file 2013 return again and 2014/2015 due to changes in 2013 taxes.
i guess need to start loving filing taxes!=====>Correct ; to report it on 1040 for 2013 tax year you need to file 1040X for 2013 tax year; you need to pay more tax on $500 on your 2013 return or your refund amt for 2013 ?d be decreased a little bit I guess. However, you do not need to file 1040X for 2014/2015.