wvugurl26
Distinguished Associate
Joined: Dec 19, 2010 15:25:30 GMT -5
Posts: 21,681
|
Post by wvugurl26 on Feb 23, 2015 7:42:39 GMT -5
My dad's company was sold after 1st quarter and his 401k rolled over. He got a 1099 with code G on it. Turbo Tax was all leery about it being 100% non-taxable but it went through. He never touched the money it was trustee to trustee transfer. Maybe they are slow on issuing the 1099s. I wouldn't worry too much about it if you know they are non-taxable. I'd report it if I had the 1099 but if you don't have it I don't know what they want you to do.
When I do my grandma's return it asks if any part of it was a RMD. I used Turbo Tax deluxe this year as we didn't have anything unusual. I've used premier in the past which I'm guessing you'd need for the rentals.
|
|
TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,098
Mini-Profile Name Color: e619e6
|
1099 R
Feb 24, 2015 22:02:56 GMT -5
Post by TheOtherMe on Feb 24, 2015 22:02:56 GMT -5
It asks if you received RMDs. My dad receives a 1099-R for the distributions. TT can handle that income. It does not figure out how much you need to take as your RMD, if that is your question.
|
|
TheOtherMe
Distinguished Associate
Joined: Dec 24, 2010 14:40:52 GMT -5
Posts: 27,098
Mini-Profile Name Color: e619e6
|
1099 R
Feb 25, 2015 22:53:08 GMT -5
Post by TheOtherMe on Feb 25, 2015 22:53:08 GMT -5
My dad's RMD is calculated by the bank that hold his IRAs. They tell him how much he has to take each year.
I have never looked in to whether or not a higher version of TT would do the calculation, but some how I doubt it. Where I work, the tax software does not do this calculation. They rely on the client and the client's financial advisor's to do that. The firm does also provide that service, so for those clients, we do the calculation.
|
|
