Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   I received a 1099 Q, (https://www.askmehelpdesk.com/showthread.php?t=453966)

  • Mar 3, 2010, 02:20 PM
    rom314
    I received a 1099 Q,
    I received a 1099Q, in Gross Distribution are $14,852.03,earnings $ -4,547.97, basis $19,400.00, what form of taxes do I need to declare this form?
  • Apr 26, 2010, 02:30 PM
    AtlantaTaxExpert
    None of it is taxable, because the basis ($19,400) is greater than the Gross Distribution ($14,852).

    If the situation was reversed (basis of $14,852 and Gross Distribution of $19,400), the earnings WOULD be taxable and reported on Line #21 of Form 1040.
  • Feb 12, 2013, 07:22 PM
    Monkeyz
    I got a 1099-Q showing amounts for gross distribution(1),earnings (2),basis (3),trustee-to trustee(4) ,state(5)
    *I did a 100% rollover to another instituition*

    What part of this forms information if any do I have to report to IRS when doing my taxes?

    Thank you
  • Feb 12, 2013, 08:23 PM
    AtlantaTaxExpert
    Theoretically, the rollover is reported, but I would have to see the Form 1099-Q to be sure.

  • All times are GMT -7. The time now is 06:18 AM.