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Replies: 15
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Oculus Spirit [75663]
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Deer Tax experts:
Jan 23, 2019, 10:01 AM
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After the 2018 hostile takeover of my company, my 401k plan closed and the TPA moved the money into an IRA. Yesterday I got a 1099 for the distribution. Has John Hancock royally screwed me on this deal or an I must to be getting another document that cancels out this distribution?
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All-In [26968]
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If the money rolled into an IRA, it's not taxable...
Jan 23, 2019, 10:05 AM
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What does it say on "taxable amount" on the 1099-R? Should say 0.
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Oculus Spirit [75663]
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AH, I was in a fit of rage when I opened that and need to
Jan 23, 2019, 10:08 AM
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look back. It did have an amount in one box.
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All-In [26968]
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Box 1 will be the big amount, the total distribution.
Jan 23, 2019, 10:09 AM
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Look at Box 2 (I think)...should say 0 if it was a direct rollover into an IRA.
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All-In [26968]
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Lot o points [155494]
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Oculus Spirit [75663]
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Pffft, that is silly. I'd be a rich man if not for all of
Jan 23, 2019, 10:18 AM
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the money I stick in retirement accounts every month.
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Oculus Spirit [84992]
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Rich like you could afford a non-crack house?***
Jan 23, 2019, 4:41 PM
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CU Medallion [54758]
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Prod may be right, but he may also be wrong
Jan 23, 2019, 10:18 AM
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During the Great Layoff of '09, we converted our 401k's from previous workplace. For whatever reason, we had to briefly convert the 401k's to Traditional IRAs (pre-tax $ to pre-tax $), before ultimately going Roth IRA (post-tax $). I don't remember if or why that was required, or if it just made more sense for us at the time because there was minimal income coming in, and it was maybe a better move for us then vs retirement....
but the amount of $$ (when moved from traditional to Roth) was reported and taxed that year.
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All-In [26968]
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That's different. Rollovers to a Roth IRA
Jan 23, 2019, 10:29 AM
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are taxable.
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All-In [26968]
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I assume that's not what happened to aero, though.***
Jan 23, 2019, 10:30 AM
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CU Medallion [54758]
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I guess we'll never know...***
Jan 23, 2019, 11:12 AM
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Oculus Spirit [75663]
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Well, I don't even know yet.***
Jan 23, 2019, 4:34 PM
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CU Medallion [54758]
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u know which type of IRA it be?***
Jan 23, 2019, 4:38 PM
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Oculus Spirit [75663]
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Nope, not yet. I've got docs at the house to figure it all
Jan 23, 2019, 4:39 PM
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out. I really need to get that money away from then else it get lost when I die.
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Lot o points [163005]
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Should not have an amount in the taxable box
Jan 23, 2019, 4:52 PM
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if it does, all you have to do is show the distribution on your return, but have the taxable amount as zero and indicate you did a rollover. If asked you will have to prove it went into an IRA as a rollover.
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