Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 01-30-2016, 11:17 PM   #21
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 1,583
I agree with the two entries so it matches to what was reported to the IRS. No need to give them any more reason to look closer at your return than necessary.
__________________

__________________
After Monday & Tuesday even the calendar says, W-T-F...

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/16 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-30-2016, 11:51 PM   #22
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 1,184
Quote:
Originally Posted by pb4uski View Post
Yes, do separate entries so when the IRS computer tries to match the entries they will more easily match.
I am sorry, but I disagree. The IRS matches the totals not the individual 1099R's. If you look at the 1040 form, there is only a one line entry for line 15 IRA distributions and line 16 for pensions and annuities. If you are using tax software, enter them separately and the software will add them and enter the total on the proper line on the 1040.
I use Turbotax at home and I volunteer preparing taxes for seniors and low income taxpayers for the AARP-IRS program.
__________________

__________________
Retired Jan 2009 Have not looked back.
AA 95%/0/5
WR 2% SI 2SS & 2 Pensions
Souschef is offline   Reply With Quote
Old 01-31-2016, 10:25 AM   #23
Recycles dryer sheets
 
Join Date: Jan 2010
Posts: 174
Does that mean you need to pay the 10% penalty on the one with a code 2 since you took that before 59 1/2?

Quote:
Originally Posted by ripper1 View Post
AHA......OK, I figured it out. In Box 7 (Distribution Code(s)......The first one has number 2 in it and the other has number 7. My birthday is in January and I turned 59 and 1/2 in June. 2 denotes early distribution, exception applies (under 59 and 12) and 7 denotes Normal Distribution. Whatever....I guess I will enter both. Thanks Folks
__________________
jwkde is offline   Reply With Quote
Old 01-31-2016, 11:24 AM   #24
Full time employment: Posting here.
 
Join Date: Mar 2010
Location: Chicago
Posts: 867
Quote:
Originally Posted by jwkde View Post
Does that mean you need to pay the 10% penalty on the one with a code 2 since you took that before 59 1/2?
No because this is a pension I earned after retiring in 2010 at 54. Not quite sure why they did it this way. I also got two 1099R's also from an Inherited Ira and one had a code 7 and the other a code 2.
__________________
ripper1 is offline   Reply With Quote
Old 01-31-2016, 01:17 PM   #25
Recycles dryer sheets
 
Join Date: Jan 2010
Posts: 174
I thought normally Inherited IRA's have a code 4 in box 7.

Quote:
Originally Posted by ripper1 View Post
No because this is a pension I earned after retiring in 2010 at 54. Not quite sure why they did it this way. I also got two 1099R's also from an Inherited Ira and one had a code 7 and the other a code 2.
__________________
jwkde is offline   Reply With Quote
Old 01-31-2016, 02:18 PM   #26
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,864
When I ERed back in 2008, I had to liquidate my 401k because it had company stock in it and I wanted to cash it out using NUA. I received two 1099-R forms (one for the company stock and one for everything else) and had to combine some numbers from them before entering the sum on my 1040 form. I did my taxes by hand, not using any tax software.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 01-31-2016, 03:37 PM   #27
Full time employment: Posting here.
 
Join Date: Mar 2010
Location: Chicago
Posts: 867
Quote:
Originally Posted by jwkde View Post
I thought normally Inherited IRA's have a code 4 in box 7.
My mistake, jw, I received two 1099R's from my 457 account also. And you are right about code 4 in Inherited IRA in box 7
__________________

__________________
ripper1 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099R, code G BillNOVA FIRE and Money 4 01-19-2012 10:52 AM

 

 
All times are GMT -6. The time now is 04:20 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.