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?
![]() |
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?
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.
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
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. |