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Old 04-06-2015, 12:21 PM
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1099-R resulting from legal action

Resulting from a legal settlement I received a check (I cashed the check) and a Form 1099-R. Box 1 Gross Distribution: $280.01; Box 2a Taxable Amount: BLANK; Box 2b Taxable Amount Not Determined & Total Distribution (Both are Checked); Box 4 and Box 12: Fed and State Taxes ARE Withheld; Box 7: Code 1; IRA/SEP/SIMPLE: NOT Checked; Boxes 3,5,6,8,9a,9b: BLANK

This money was NOT rolled over.

This was the result of mass legal action concerning my 401k plan.

On form 1040 do I include this $280 on lines 16a and 16b (both lines), or just on line 16b?

Any help would be appreciated. THANKS.



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Old 04-06-2015, 11:29 PM
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Join Date: Oct 2010
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Quote:
Originally Posted by bobhope View Post
Resulting from a legal settlement I received a check (I cashed the check) and a Form 1099-R. Box 1 Gross Distribution: $280.01; Box 2a Taxable Amount: BLANK; Box 2b Taxable Amount Not Determined & Total Distribution (Both are Checked); Box 4 and Box 12: Fed and State Taxes ARE Withheld; Box 7: Code 1; IRA/SEP/SIMPLE: NOT Checked; Boxes 3,5,6,8,9a,9b: BLANK

This money was NOT rolled over.

This was the result of mass legal action concerning my 401k plan.

On form 1040 do I include this $280 on lines 16a and 16b (both lines), or just on line 16b?

Any help would be appreciated. THANKS.
You should receive a copy of Form 1099-R, or some variation, if you received a distribution of $10 or more from your retirement plan.IT NEEDS TO BE REPORTED ON LINE 16B AS TAXABLE INCOME. code 1 in box seven means Early distribution, no known exception (in most cases under age 59 1/2).
However, if YOU rolled over the full amount of YOUr distribution into another qualified plan, YOU should enter that number in Line 15a and put a zero in line 15b.



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