Accountant

[Medic-5150]

Anyone on here an accountant or good with taxes? I'm having issues with mine regarding a 1099R form (401(k) rollover). I'm definitely willing to pay, H&R block will cost me $100..

Thanks in advance,
Andrew

[scout man]

here I thought you were offering your services and I got excited. I have 8 W2s so far and some are tax deducted and some are not. Unfortunately I dont have much to pay for assistance though either. Turbo tax and hours of number crunching here I come!

[Medic-5150]

Yea I tried turbo tax, they're charging me early distribution tax on my 401k despite it being rolled over to an IRA....it equates to about 500$....I guess I should have put Accountant wanted or put it in the wanted section lol. Sorry for all the confusion for everyone who opens this....I can't move it or retitle it....

[DrOldUnit]

I'm pretty sure you don't have to pay distribution tax on a 401(k) if you roll it into an IRA. You should get taxed on it only when you start taking distributions when you retire. You're not retired, are you?

Check the number in Box 2a. It should read $0.00.

I don't think it matters which box is checked in Box 2b, though one my wife received has the second box checked, meaning the total distribution is taxable. But we put that money into an IRA within 60 days of closing the 401(k) account so it is not taxable. Check page 27 of your 1040 instruction book. It should tell you where to report the distribution. You should not report it as income if you transfered the 401(k) to an IRA within 60 days.

[DrOldUnit]

Yea I tried turbo tax

This could be your problem, too. I use a pencil and a calculator. Takes me about an hour and a half. Might take less time this year because I might not get to itemize. Bummer that I paid so much less interest on the mortgage last year. Wait. No, that was a good thing.

[Medic-5150]

I rolled it over to a ROTH IRA so I know I have to pay income tax based on that. However, it shouldn't be anywhere near the $500 turbotax is saying I need to pay. I'm definitely not retired, and it was rolledover within the 60 day time period. The number in box 2a is the total distribution amount. The code says that it was rolled over. I'm not really sure what's going on it....Maybe there's an error on the 1099R?

[DrOldUnit]

Hmm. I've never dealt with a Roth IRA. We stick with the regular ones. Get out a pencil and a calculator and follow the instructions for a Roth IRA rollover. See if it matches the TurboTax number.

It think companies report all distributions as taxable, then you work it out on our tax return.

[Medic-5150]

Alright, thanks for your knowledge

[DrOldUnit]

Alright, thanks for your knowledge

Andrew, you crack me up.

I don't know if that knowledge is accurate. I have done a lot of tax returns in my day and every year we have some weird anomaly that has me scratching my head. One year it's freelance income, then it was paying outrageous taxes on a property in New Jersey, then it was stocks sold out from under us after one bank bought the bank we had stock in (didn't give us a choice of keeping or selling), sometimes it's capital gains and/or losses. We've been all over the place. I've always just read the instructions carefully and triple-checked every number and all the math. And try not to do anything that sends up a red flag.

[Medic-5150]

Well, I'm glad I could crack ya up this evening. I'm on my third, return. I had it down until this IRA thing came into play, and this year I've also got 2 state returns to do as well, and 3 w2s. You've got more knowledge about it than I do, thought that's definitely not saying much

[DrOldUnit]

Well, I'm glad I could crack ya up this evening. I'm on my third, return. I had it down until this IRA thing came into play, and this year I've also got 2 state returns to do as well, and 3 w2s. You've got more knowledge about it than I do, thought that's definitely not saying much

Yeah, that sounds tricky. Again, just take your time and triple-check everything. I'm probably going to do my returns this weekend. If you want to come up, I'll take a look at yours. No guarantees, but I am anal-retentive when it comes to this kind of stuff. Sometimes it takes me a while to understand stuff (ask Pete about me and axle shims sometime), but I eventually get it.

[Haku]

Well, assuming you make less then $50k (its free to use for Federal Returns under that), Turbo tax is at least as good as going to a place like Jackson Hewitt or HR Block. Almost none of the people who work there are actual accountants, and do pretty much the same thing as you would using Turbo Tax. I used it this year with my somewhat complicated mix of Unemployment forms, W2's, and a Mutual Fund that I took money out of, and it actually knew about a tax credit that I didn't know about and would have missed.

Can't help you anymore then Rob can though with the 1099R. Like him, I'm positive don't have to pay taxes on that IRA, but have no idea how to go about reporting it or finding out what you need to do. You might need a form from both the 401k and the IRA proving you put it there, but I'm not sure. Defintely sounds like one of those things that needs a savvy and knowledgeable accountant to tell you what forms to fill out (or do it for you). Good luck with your endeavors with the most evil part of our government. Gotta love the only legal entity in our country that can do a "guilty till proven innocent" move legally.

JH

[Brody]

When you come by tomorrow, ask LaDawn for the number of the guy that does our junk. LaDawn's taxes are very hard to do due to the number of investments she has. Mine have gotten a little complicated to. This is someone she has used for quite awhile and happens to be very good.

[Medic-5150]

Yeah, that sounds tricky. Again, just take your time and triple-check everything. I'm probably going to do my returns this weekend. If you want to come up, I'll take a look at yours. No guarantees, but I am anal-retentive when it comes to this kind of stuff. Sometimes it takes me a while to understand stuff (ask Pete about me and axle shims sometime), but I eventually get it.

I might take you up on that. I'm going to talk to Pete and LaDawn's friend and see what he has to say, I may also call my dad's accountant, and I need to call T. Rowe Price as well. I'll get back to you on that. Thank you for the offer

When you come by tomorrow, ask LaDawn for the number of the guy that does our junk. LaDawn's taxes are very hard to do due to the number of investments she has. Mine have gotten a little complicated to. This is someone she has used for quite awhile and happens to be very good.

Thanks Pete, you guys seem to know someone for just about ever situation a caveman could get himself into...

As for the IRA, I know I need to pay taxes on it as the 401k was rolled over into a ROTH not a traditional IRA, meaning I pay taxes now opposed to when I pull money from it at retirement. It just seems like 1/6th of my investment is a little high..

[Medic-5150]

Some investigating revealed that I fall into a 15% federal tax rate...The amount deducted from my federal return was exactly 15% and I end up with a 4$ total return after paying the wonderful state of California their taxes...YAY IRS!!!!! Nothing quite like donating to a charitable organization...

[Pathrat]

Y No guarantees, but I am anal-retentive when it comes to this kind of stuff. Sometimes it takes me a while to understand stuff (ask Pete about me and axle shims sometime), but I eventually get it.

Trust the compulsive man. I have seen him in action.

(and BTW Rob, I get quite OCD on the house and documentation, not the FJC, and I have a theory on that too)

[DrOldUnit]

(and BTW Rob, I get quite OCD on the house and documentation, not the FJC, and I have a theory on that too)

My OCD and AR know no limits. But it keeps me busy and others entertained. Not a bad deal. :fing: