Form 1099R Question

[cynamoats]

T/P receives about with code 4 - there is an amount in box 1 but no amount in the taxable box and box 2a only has total distribution checked. How does one determined what amount is taxable? There are no employee contributions listed in box 5. Thanks.

[Bird Legs]

1099r

Is the box "taxable amount not determined" checked? If it is not then maybe there is zero amount taxable. Also, you might try calling the issuing company and ask them.

[BOB W]

Deceased.....

..... Depending on the age of the deceased he may have used up any basis in the first several year upon receiving his pension. More than likely he has and all would be taxable to the beneficiary. Some, if not all, states have an exclusion from taxation on pensions and/or IRA and such.

As a for instance, NY has a $20,000 exclusion on retirement plans. When a beneficiary receives a deceased pension he can exclude the first $20,000 from state income taxes, if he is the only beneficiary. The $20,000 is divided among all beneficiaries. So if there was 4 beneficiaries each would be able to exclude up to 5,000 per year. It does not matter if the beneficiary has reach 59 1/2, the distribution is based on the deceased age.