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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