IRA Distribution Form Farmbureaubank Com

Instructions and help about IRA Distribution Form Farmbureaubank com

[Music] hi it's the tax geek with more of your taxes oversimplified in the last episode of ira 101 we looked into ira contributions if you haven't seen the first episode of ira 101 you might want to click on the card above or the link in the description in this episode we're going to take a look at distributions from traditional iras we'll cover distributions from roth iras in an upcoming episode when you withdraw money from any ira you receive a 1099-r form that should look pretty much like this if you're unfamiliar with 1099-r forms here's a card linking to a video that explains them on all 1099-r forms for ira distributions there's a checkbox indicating the taxable amount is not determined this is because the payer never knows if there's a basis in the account we'll look at what basis is later the ira slash sep simplebox should also be checked the amount in box 2a might be blank or it might equal the amount in box 1. since many people have confused a blank box 2a with a taxable amo