What code is in box 7 of the 1099-R and was the 1099-R made out to you with your SSN?
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accsys wrote: What code is in box 7 of the 1099-R and was the 1099-R made out to you with your SSN?
The code was "4" and the 1099-R was made out to me with my SSN...
i don't know if you are the original poster or not but you may need the answer as well and it would apply to anyone in the same position. As the beneficiary, your distribution is taxed just like the original recipient. If box 9b does not have an amount in it, all of the gross income is taxable. If there is an amount in box 9b, then some of the distribution may be excluded and not taxable. In that case I would suggest you use a professional preparer as the calculation can become quite complicated. Unless the amount is significant, it may not be worth the trouble or expense to calculate the amount of the exclusion and just pay tax on the whole gross amount. In my experience the calculated exclusion is usually less than 5% of the distrubution and normally much smaller than that.
Okay I'm confused. DD716TED from Washington State asked the question about taxability of income reported on a 1099. Then Pingerman from So Calif is thanking everybody for answering his question. Is it just me or is something wrong with this picture?
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msmith1199 wrote: Okay I'm confused. DD716TED from Washington State asked the question about taxability of income reported on a 1099. Then Pingerman from So Calif is thanking everybody for answering his question. Is it just me or is something wrong with this picture?
Well I was on that too!
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on that too!
