1099 R details

You are here:
< Back

L1: 1099 R detailsThis site has been a great help in setting up and completing my 72t, which ended successfully in 2013. I’m hoping someone can answer a question I have regarding the box on 1099R indicating whether funds came from an IRA.
My question. If I rollover a 401K to an IRA, when I withdraw funds from that IRA will the 1099R box be checked indicating the funds came from an IRA?
Thanks Bob2014-03-07 16:35, By: bobmac, IP: []

L2: 1099 R detailsYes. Once the 401-K is rolled over, it is as if it never existed.
The account is an IRA when distributions are made from it.
However —- Are you 55, or will be 55 in 2014, and separating from service from the 401-K employer ? If so, you may not have to set up a SEPP 72-T, and therefore should not roll over your 401-K to an IRA just to set up a SEPP.
Also, ask your HR department for the “cost basis of NUA securities” in your 401-K plan. You can save a lot of taxes if you qualify for this little known tax provision. (Search this website, or get J K Lasser “Your Income Tax” at the bookstore to research about it.)2014-03-07 17:40, By: dlzallestaxes, IP: []