Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-05-2015, 02:59 PM
Junior Member
 
Join Date: Apr 2015
Posts: 4
Return of certain funds after 401k rollover

After rolling over my 401k to a traditional IRA, I received a check for $50.00 and a Form 1099-R. Out of my total 401k, $50.00 could NOT be rolled over. The form 1099-R shows a Gross Distribution: $50.00; Taxable Amount: $0.00; Box 2b: Total Distribution; Box 5: $50.00; Box 4 & 12: $0.00 (no Taxes withheld). I believe this after tax $50.00 was a fee to establish the original 401k account.
I have never contributed to a ROTH IRA.

How do I include this tax free $50.00 in my Tax Return?

Do I need to file Form 8606?

Any help would be appreciated. Thanks.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-05-2015, 05:04 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
How do I include this $50.00 1099-R in my Tax Return? ========>>>it is not taxable however, it is reported on 1040 line 16a as rollover on 16b.

Do I need to file Form 8606?
================>>>>>>>>>>>>.no; Form 8606 is not used for the year that you make a rollover from a qualified retirement plan to a traditional IRA and the rollover includes nontaxable amounts



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Return of certain funds after 401k rollover bobhope Miscellaneous 0 04-05-2015 02:54 PM
Forfeited 401k matching funds deductible? colceh For 2014 0 01-17-2015 06:17 PM
solo 401k change to roth solo 401k meffoar IRA/Sep 1 02-19-2014 06:29 AM
indirect ira rollover to 401k: options unrulyelk For 2013 3 06-28-2013 08:22 PM
Can i use 401k funds to pay tax penalty on late rollover? sheri IRA/Sep 0 02-26-2011 02:58 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.