401k After Tax
L1: 401k After TaxHi. Last year at age 51 I rolled two 401k(s) from my previous employer to an IRA. I then started a 72t (by utilizing all of the great information on this site). There was $5,000 in pre 87 after-tax contributions that Fidelity said could not be rolled over and it was sent to me in a check.The 1099-R for this $5,000 shows:Box 1 – Gross Distribution $5,000.00Box 2a – Taxable Amount $0.00Box 2b – Total Distribution (box is marked with an X)Box 3 – Capital gain $0.00Box 5 – $5,000.00Box 7 – Distribution Code of “1”Where do I code this distribution on my Form 1040? Am I responsible for any taxes or penalties? Any advice you could offer would be greatly appreciated. 2012-03-20 22:29, By: Mule, IP: [188.8.131.52]
L2: 401k After TaxI think this goes on line 16. $ 5,000 in box “a”, and -0- in box “b” (far right column.
As you said, this was originally “after-tax” contributions, and therefore had been originally taxed. Box 5 says “employee contributions”, and yoou don’t wantb to pay taxes on this again.2012-03-21 03:48, By: dlzallestaxes, IP: [184.108.40.206]
L3: 401k After TaxGreat! Thank you so much for your quick response!2012-03-21 18:27, By: Mule, IP: [220.127.116.11]