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    bennyRascal's Avatar
    bennyRascal Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Apr 7, 2006, 07:15 AM
    How to fill in tax forms on 401k distribution
    g'day

    I'm trying to fill out the 2005 tax forms. Each year I fill in a 2555EZ form as I live in Australia. I then transfer the total earned income amount to the 1040 form (it is zero as I'm now a student). Have done this for a few years and there are no problems.

    Last year I cashed in half of a 401K plan I had from working in the States in 1999. I'm 64 now so there was no 10% penalty. The fund deducted 20% for Federal Income Tax. Now I am trying to do my 2005 US taxes and I am lost as to where to put the distribution amount. I have found a form 1099-R but it doesn't seem to apply. I have no other income either here (Oz) or in the States.

    Can some on guide me in getting my tax form entered correctly?

    Benny
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 8, 2006, 12:08 AM
    Benny:

    Go to www.taxact.com and transfer the incormation from the Form 1099-R to the 1099-R form in TaxAct. The software will put the income exactly where it is supposed to go. Be sure to enter your date of birth so the software will not assess the 10% penalty.
    bennyRascal's Avatar
    bennyRascal Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Apr 8, 2006, 04:50 PM
    AtlantaTaxExpert

    Have done more research and found I should have been sent a 1099-R form by the 401K provider. Am trying to get that form now but being on the other side of the world seems to slow things down... they haven't responded tomy emails.

    I've downloaded the software from the place you mentioned and will use it. Can not use their servies though as the service is for residents of US states and armed forces locations.

    Ta

    Benny
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Apr 9, 2006, 02:51 PM
    Glad to help. You may want to mail Form 4868 to extend the filing deadline. If you determine you owe money, mail a check with the extension NLT 17 April 2006.
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