It is still up to the tax payer to be sure that he received all the forms he should have and that they are correct.
I got one this year for unemployment income someone stole using my name. On Tue, Apr 6, 2021, 9:55 AM Michael or Penny Novack < [email protected]> wrote: > 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. > > > > > _______________________________________________ > gnucash-user mailing list > [email protected] > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
