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1040-Individual Single Return

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Money Talk > Taxes

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nemoryer
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1040-Individual Single Return  Reply with quote  

I file taxes every year although my SS income is less than $15,000 due to the fact that I make small withdrawals from my 401(k).

I am 62 years old, filing single, no dependents.

Line 21 of my 1040 (Adjusted Gross Income) shows the total amount of the amount withdrawn. SS income does not show on the 1040.

In 2010 (present year), I received a $5,000 profit sharing income from a former employer which I directly rolled-over into my Rollover 401(k).

Will that amount be considered income when I file in 2011 and be added to whatever amount I withdrew from the 401(k) in 2010 as ordinary withdrawal (Line 21)?

Thank you.
Post Fri May 28, 2010 3:05 pm
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nemoryer
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Thank you so much for the quick and kind reply.

Yes, I was hoping for that answer!

The check was made out to Fidelity and sent to me by the Administrator to deposit myself. I immediately deposited the check at Fidelity within 2 days of receiving the check.

Thank you for putting my mind at ease. Happy Holiday.
Post Fri May 28, 2010 3:58 pm
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floyd
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taxes  Reply with quote  

pensions are they to be taxed ?
Post Thu Oct 20, 2016 8:51 pm
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ken-do-nim
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(I didn't know you could draw Social Security as early as age 62. Learn something new every day!)
Post Fri Oct 21, 2016 2:10 pm
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