Ask Experts Questions for FREE Help !
Ask
    Trnenergy's Avatar
    Trnenergy Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Feb 20, 2007, 09:04 PM
    Received 401K Distribution from 2005 this year
    Hello,
    My wife had a 401K distribution sent to her and we did not receive it originally because we moved around a lot and addresses didn't get correctly updated. It was originally sent in 2005 and the 1099-R we received has 2005 on it. My question is can I just report this with my 2006 filing or do I need to re-file for 2005?

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

    Feb 21, 2007, 10:50 AM
    You cannot claim it on 2006.

    You must amend your 2005 return using Form 1040X for declare this 401K distribution.

    Be prepared to write a check. Exactly how much the check will be depends on how big the distribution was.

    If you need my professional tax help, contact me at [email protected].
    Trnenergy's Avatar
    Trnenergy Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Feb 21, 2007, 05:58 PM
    Thanks, It was only for 2k and the taxes were withheld. Do I have to amend state as well or just federal? We lived in Mich the last few years and just moved back to Indiana which is where my wife previously worked.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Feb 22, 2007, 11:21 PM
    Yes, amend the state as well. If you do not amend the state, they will come and ask you about it around 2009. Does not matter if you are in a different state. They WILL track you down!
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401k Distribution [ 4 Answers ]

My husband Paul was permanently laid off from his job in December 2005, at the age of 60. He has approximately $130,000 in his 401(k) plan. He worked for the company for 20 years and is fully vested in the plan. I am his wife and am 51 years old. Neither of us is currently employed. For...

401k distribution [ 1 Answers ]

My husband died in 2006, he had a 401k with me (spouse) as his benificiary. We have 2 young sons and I cashed out the 401k to use for the down payment of a primary residence. All of the paperwork has not been done, but I will get all of the papers in order during 2007. Is there a certain amount...

401k distribution ? And state tax [ 4 Answers ]

How much would you suggest that I withhold for state taxes on a 12,400 distribution? I live in New York and would prefer not to get dinged at the end of the year. It can be either a percentage or dollar amount. Thank you for any suggestions!

401K distribution expenses [ 1 Answers ]

I cashed out my 401K from my old job in June. The mandatory 20% ( federal taxes) was taken from the amount I received. I know I also need to pay state taxes, and the 10% early withdrawal fee. Do I just send the state a check ( how would I figure the amount ? ), or just wait until I fill out my...

401K Distribution penalty [ 3 Answers ]

I had no choice but to take a hardship withdrawal from my 401K after being let go by my employer. It was a difficult time also having been displaced by a house fire and having to rebuild our home and pay for a portion of our alternate living expenses not covered by the insurance company. Being a...

View more questions Search