[GNC] Tax deferred account transfers suggestion

[David Carlson]

It is still up to the tax payer to be sure that he received all the forms
he should have and that they are correct.

I got one this year for unemployment income someone stole using my name.

On Tue, Apr 6, 2021, 9:55 AM Michael or Penny Novack <
stepbystepfarm at comcast.net> wrote:

> On 4/5/2021 8:57 PM, David Carlson wrote:
> > David P,
> > What verb would you use to declare that transactions in or out of a
> > particular account should appear in a tax report as part of the total
> that
> > should appear, for example, on a certain line on form 1099-R from a
> certain
> > custodian. The tax schedule report assigns, associates, links or somehow
> > picks out which transactions create the list of transactions that should
> be
> > included on whichever line of whichever form to be reported to the U.S.
> > IRS.  The user should have created a certain income account to identify
> > cash moves from a tax deferred asset account to a current asset account,
> > which should appear on a certain 1099-R form, linked to that form in the
> > tax report, and those transactions appear on that line in the tax report.
>
> I am going to repeat. Not that simple. Distributions from a "regular"
> IRA would be simple (since all contributions were pre-tax). That is not
> true for a 401K which might have had most contributions pre-tax but
> MIGHT have also had post-tax contributions. All contributions to a Roth
> IRA are post-tax.
>
> That means all distributions from a regular IRA are taxable income.
>
> Most distributions from a 401k are taxable income (but a portion of a
> distribution might not be). AFAIK, most administrators of a 401k will
> get the non-taxable money out first so only needing to cope with one
> mixed distribution and from then on entire distribution taxable. The
> statements you get for a 401k usually show what part (if any) of the
> contribution balance is post-tax.
>
> Most distributions from a Roth IRA are mixed, part taxable, part not. I
> do not know what administrators of a Roth do.  I don't know what
> statements from  a Roth look like.
>
> Michael D Novack
>
> PS: The 1099 is prepared by the plan administrator and sent to you
> annually. You aren't preparing the 1099 and sending to both you and the
> government. The payer does the 1099. You are the recipient.
>
>
>
>
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