pay taxes on lump sum

quasae16 · #1 Apr 16, 2008, 06:43 AM

I rolled over my pension to an IRA in which I know wasn't taxable. Later in the year I took out a lump sum amount. I live in NY. I am over 65. Do I have to pay federal and state taxes on that money?

ebaines · Apr 16, 2008, 07:06 AM

Yes - this is taxable income to you, so you do have to pay federal and state income tax. You should have received a 1099-R from the IRA administrator showing the amount of your distribution - you report this amount on line 15 of form 1040. If they withheld any taxes from the distribution you show that on line 64.



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!