Client received proceeds from profit sharing plan, never contributed personally to this plan. Box 1 $38,270.91 Box 2a $22,627.94 Box 6 $15,642.97 Box 7 "1" and "G". Do I use Sch D and call it long term?? Where do I put box 6??? After holding for 90 minutes, talked to 6 specialists at IRS they "wrote up" and said would get back to me w/in 15 days. Not soon enough, please help.
-
-
1 & G?
G is used for trustee to trustee transfers. In that case the taxable amount would be 0. Very strange. One thing for sure is that a 1099-R is not reported on Schedule D. What did the client do with the money? If they rolled it over 100% you report box 1 on line 16a and 0 on 16b and "Rollover" in the margin. If it was a partial roll over everything is the same except 16b would be the amount taken subject to taxes and 10% penalty.I would put a favorite quote in here, but it would get me banned from the board.
Comment