2011 Form 1099-R IRA & QRP Direct Rollover & Rollover Crib Sheet: Solo 401k | Self Directed Solo 401k

Direct-RolloverRolloverTransfer
(Trustee-to-Trustee-Transfer)
Traditional/SEP/SIMPLE IRATraditional/SEP/SIMPLE IRA401k, 403b, PSP, 457b
Reporting IRA Direct-Rollover to a Solo 401k:
1099-R Issued but not taxable
Reporting IRA Rollover to a Solo 401k:
1099-R Issued but not taxable if rolled over within 60 days to Solo 401k
Reporting 401k, 403b, 457b, TSP to Solo 401k:
1099-R Issued but not taxable
BOX 1 Gross distribution

  • Reports gross direct rollover amount

BOX 1 Gross distribution

  • Reports total value of all distributions taken for same reason during 2011.
  • Reports all amounts withheld for federal and state income taxes.

BOX 1 Gross distribution

  • Reports gross direct rollover amount

BOX 2a Taxable Amount

  • Zero (-0-) is entered since distribution is payable directly to employer plan such as a Solo 401k

BOX 2a Taxable Amount

  • Same amount listed in Box 1 appears here

BOX 2a Taxable Amount

  • Zero (-0-) is entered since distribution is payable directly to employer plan such as a Solo 401k

BOX 2b Taxable amount not determined/TotalDist

  • “Taxable amount not determined” should be checked
  • Check box titled “Total distribution” if distribution totally depletes the IRA ,SEP, SIMPLE

BOX 2a Taxable Amount

  • Same amount listed in Box 1 appears here

BOX 2b Taxable amount not determined/TotalDist

  • “Taxable amount not determined” should be checked
  • Check box titled “Total distribution” if distribution totally depletes the IRA ,SEP, SIMPLE

BOX 4 Federal income tax withheld

  • No amount should be listed

BOX 4 Federal income tax withheld

  • Amount may be listed if you elected tax withholding on IRA distribution form

BOX 4 Federal income tax withheld

  • No amount should be listed

BOX 7 Distribution code(s)

  • Code G -direct rollover of a distribution to a qualified plan such as a Solo 401k | Individual 401k, should be entered

BOX 7 Distribution code(s)

  • If age 59 1/2 or over, Code 7-Normal distribution

BOX 7 Distribution code(s)

  • Code G -direct rollover of a distribution to a qualified plan such as a Solo 401k | Individual 401k, should be entered

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  • About MySolo401k

    We help our clients take control of their retirement money. Our products and services provide our clients the freedom to invest their retirement savings in their own business as wells as alternative investments such as real estate, private companies, promissory notes, precious metals, tax liens and equities.
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