Discussion:Form 8880, Line 4 question
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Revision as of 04:29, 15 October 2009 Captcook (Talk | contribs) (That is what I'm) Next diff → |
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| {{ForumReplyPost|UserID=Rafi|Date=15 October 2009|Text=Thanks for your response, Captcook. | {{ForumReplyPost|UserID=Rafi|Date=15 October 2009|Text=Thanks for your response, Captcook. | ||
| In this case, the 1099-R is reporting the cash-out from a life insurance's cash surrender value. It is not from a qualified retirement plan. I did read the instructions for line 4 of Form 8880 and it does not mention this situation in includable or non-includable amount. Are you suggesting that non of the proceeds reported on a 1099-R from a life insurance policy would be included on the 8880? }} | In this case, the 1099-R is reporting the cash-out from a life insurance's cash surrender value. It is not from a qualified retirement plan. I did read the instructions for line 4 of Form 8880 and it does not mention this situation in includable or non-includable amount. Are you suggesting that non of the proceeds reported on a 1099-R from a life insurance policy would be included on the 8880? }} | ||
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| + | {{ForumReplyPost|UserID=Captcook|Date=15 October 2009|Text=That is what I'm suggesting. The credit is related to funds moving into and out of retirement accounts, not those reported on a 1099-R. It doesn't appear you have anything to report on Line 4. }} | ||
Revision as of 04:29, 15 October 2009
Discussion Forum Index --> Basic Tax Questions --> Form 8880, Line 4 question
Discussion Forum Index --> Tax Questions --> Form 8880, Line 4 question
| 14 October 2009 | |
| Form 8880, Line 4 question: Does the 1099R Gross Distribution (box 1) or Taxable Amount (box 2a) go on line 4 of Form 8880?
I have a 1099-R with total distribution from a cash surrender value of a life insurance policy. Box 5 of the 1099-R is "Employee contributions or insurance premiums". I would think that premiumns would not be counted as part of the distribution on Form 8880 line 4. The Gross Distribution minus the premiums (box 5) equals the Taxable Amount. So, wouldn't just the Taxable Amount go on Line 4 of Form 8880? | |
| 15 October 2009 | |
| Was the distribution from a qualified retirement plan? A distribution from a life insurance policy may be reported on form 1099-R, but is not necessarily a retirement plan distribution. See the instructions for line 4. | |
| 15 October 2009 | |
| Thanks for your response, Captcook.
In this case, the 1099-R is reporting the cash-out from a life insurance's cash surrender value. It is not from a qualified retirement plan. I did read the instructions for line 4 of Form 8880 and it does not mention this situation in includable or non-includable amount. Are you suggesting that non of the proceeds reported on a 1099-R from a life insurance policy would be included on the 8880? | |
| 15 October 2009 | |
| That is what I'm suggesting. The credit is related to funds moving into and out of retirement accounts, not those reported on a 1099-R. It doesn't appear you have anything to report on Line 4. | |
