Dammit, Didnt File a Tax Form from My Retirement Withdrawel.

Discussion in 'Off-Topic' started by Torx, Jan 29, 2011.

  1. Torx

    Torx Indigenous Nudist

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    someone that knows about taxes, please chime in.
    i didnt think about receiving this 1099-R, which is basically a form describing how much money i withdrew from my retirement fund (which was taxed). I hurried and did my taxes through turbotax before i got this form.

    question is..
    - am i supposed to have filed this, like, mandatory??
    - how can i file this AFTER ive received my refund?, if its even possible??
    - will i get in trouble with the irs if i dont file this?
    - i took out $1000 from my plan, and they taxed me $90, is it really worth the hassle?


    EDIT
    CORRECTIONS to my original posting.

    i found the old check stub.
    on it says...

    908 is taxable income.
    908 distributed
    90 is federal tax withheld
    0 state tax withheld
    net distribution $817
  2. tex

    tex jive turkey

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    1040X I believe
    I would play it safe and refile, although in all honesty you will probably get away with an amount that small
  3. Miller

    Miller Tweak Guru

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    yea i would, taxes and penalties are usually around 40% from early distributions or an ira
  4. mistawiskas

    mistawiskas kik n a and takin names

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    Ammend the return. Be prepared to get hit hard on the 1000 bux.
  5. Sparky

    Sparky ¿sdooɥʍ

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    DODGE THE MAN!
  6. Torx

    Torx Indigenous Nudist

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    should i wait until the money is deposited, THEN file the amend?

    i dont understand why i would owe them money.. its my money, they even taxed it.. i was supposed to get 1000, but ended up with 900.
    i dont get it.

    edit: i took out a hardship withdrawal now that i remember. wow, lol, i wont do this again!
  7. MSP

    MSP Haunting a dead forum...

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    Torx, not sure what you needed the money for but unless it was medical you should have skipped it. The penalty in taxes is going to shock you, so far I think you've just paid the penalty.
  8. Torx

    Torx Indigenous Nudist

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    msp, it was bad advice from a friend... and i was kinda desperate for money at the time, i shouldve withdrew as a loan.

    you guys are scaring me.

    what!!! am i going to owe a couple thousand? or a couple hundred?
    i did a bit of calculation with tax bracket/tax rate/penalty percentage (unless that $90 is the penalty percentage withheld) and came to around ~300-340 being owed.
    i dont have to do TN state tax, so i didnt factor that in... or at least ive never had to do state tax on income wages.
  9. Torx

    Torx Indigenous Nudist

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    lol.
    yea, thats what im going to do. i have to wait til feb 10th or something for the new 2010 1040X, then i'll have to decide on doing it myself or paying someone to do it.. FUUUUUUUUUUU!!!!!
    in the end, im expecting to shell out ~$500 for this little stunt.

    EDIT Time avail to amend 1040x on turbotax is feb 10th
  10. MSP

    MSP Haunting a dead forum...

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    Probably a few hundred. You'd probably could have gotten better rates at a check cashing place! lol
  11. ShadowWolf

    ShadowWolf New Member

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    Did you use turbo tax? They have a pretty good built in system for amending returns.

    You always wait until the irs accepts your faulty return to attempt to file an amendment.
  12. mistawiskas

    mistawiskas kik n a and takin names

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    Yeah, it's 40% unless you fall into any of the exempt categories. Which i really doubt at all. just tell them you forgot about the withdrawl until you got your 1099. It's not too late (april 15) and do not cash that refund check yet. They will catch the discrepancy. it's way far better that you contyact them instead of waiting for them to contact you (and they certainly will). do not delay, do it tomorrow or right freakin' now even. (1-800-1040)They will get it on your data file that you contacted them and let you know the best way to proceed. the paperwork may not be difficult enough to hire the job out.
  13. Miller

    Miller Tweak Guru

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    yea it's a 10% penalty plus taxes (probably around 30%)
  14. mistawiskas

    mistawiskas kik n a and takin names

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    The deadline is not past yet, so he may get by without penalties.
  15. Torx

    Torx Indigenous Nudist

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    so what was the 90 dollars taken away from me for?

    CORRECTIONS to my original posting.

    i found the old check stub.
    on it says...

    908 is taxable income.
    908 distributed
    90 is federal tax withheld
    0 state tax withheld
    net distribution $817

    so actually i requested 900, and got 817 deposited into my account.. so its not 1000/900 like i earlier thought. (this was early last year, memory is fucked)

    so maybe i'll have to pay a little bit less than i thought, although im still expecting to pay a hefty chunk.. FUUUCK.
    i'll be calling the irs from that help hotline number whiskas posted (i found the number on their website since whiskas has incomplete number listed)
    800-829-1040 IRS Tax Help Line for Individuals

    hopefully young minded people will read this thread and learn a little something!
    i'll probably also call vangaurd and get some info too.
    i'll also wait until the money is deposited (unless its deemed faulty), then immediately try the turbotax amend online process.. if it looks like it wont work out for me, i'll call back the irs and get a another solution.
  16. Hubcap

    Hubcap Holla

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    so the penalty to take that money out early was 10%? That seems low to me. I thought you only had to pay a 10% penalty because you are below the afe of 59. That 10% would be against the tax withheld, which would be 9$...But you might want to check that out.
  17. mistawiskas

    mistawiskas kik n a and takin names

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    It'll be a minimum of 30% I believe.
  18. Torx

    Torx Indigenous Nudist

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    okay, i just amended my return on turbotax, really easy.. i owe a total of 145.00. much less than i thought, but its still a chunk of change thats being carelessly given back over a careless decision. Learn and live... i guess.

    so i printed out the paperwork, the 1040x, all that shit, signed my name.. guess i get a money order monday and send it out. :/
    oh well.
  19. mistawiskas

    mistawiskas kik n a and takin names

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    That would have been much worse after april 15. Good that you took care of it now.
  20. Torx

    Torx Indigenous Nudist

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    yea penalty was 10%, like you said it wouldve been worse if i had waited or skipped out entirely.. :p
  21. mistawiskas

    mistawiskas kik n a and takin names

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    Not only that, now you don't have to keep looking over your shoulder for the SS. You can betcher az that tax collections will get a big spending boost in the budget talks in congress right now.