Steve and Naomi are both age 41. Steve decided to quit his job and received a total distribution from his 401k. Steve received the distribution on…

11. Steve and Naomi are both age 41. Steve decided to quit his job and received a total distribution from his 401k. Steve received the distribution on 2/28/2016. He used $4,000 to pay off his car loan and rolled over the remaining distribution to the 401k plan at his new job on April 15, 2016. Steve did not add the withheld federal and state taxes to the remaining distribution that was rolled over. Steve’s Form 1099-R is shown below. How much of the distribution is taxable to Steve?  CORRECTED (if checked) PAYER’S name, street address, city, state, and ZIP code Sunco Retirement Fund 9847 Gaskins Road Your City, Your State – Your Zip 1. Gross distribution $ 79934.00 OMB No. 1545-0119 20XX Form 1099-R Distributions from pensions, annuities, retirement or Profit-sharing plans, IRAs, insurance contracts, etc. 2a.Taxable amount $ 79934.00 2b.Taxable amount not determined Total distribution   COPY B Report this income on your federal income tax return. If this form shows federal income tax withheld in box 4, attach this copy to your return. This information is being furnished to the Internal Revenue Service. Payer’s Federal identification number 54-8888756 Recipient’s identification number 211-34-9278 3. Capital gain (included in box 2a) $ 4.Federal income tax withheld $ 15986.00 Recipient’s name address, and ZIP code Steve Rudolph Street address (including apt. no.) 9811 Macon Street City, state, and ZIP code Your City, Your State – Your Zip 5.Employee contributions /Designated Roth contributions or insurance premiums $ 6. Net unrealized appreciation in employer’s securities $ 7. Distribution Code(s) 1 IRA/SEP/ SIMPLE  8. Other % 9a. Your percentage of total distribution % 9b Total employee contribution $ 110500.00 10. Amount allocable to IRR within 5 years $ 11. 1st year of design. Roth contrib. 12. State tax withheld $ 3996.00 13. State/Payer’s state number 548888756 14. State distribution $ 79934.00 Account number (optional) 15. Local income tax withheld $ 16. Name of locality 17. Local distribution $ Form 1099-R Department of the Treasury – Internal Revenue Service a) $79,934 b) $75,934 c) $ 4,000 d) $23,982 12. Tom is a retired railroad worker and receives both Tier I and Tier II Railroad Retirement benefits. His Tier I Railroad Retirement benefits are reported on Form RRB-1099. Where should Tom report his Tier I benefits? a) They are not taxable. b) Form 1040, line 16a and b, or Form 1040A, line 12a and b c) Form 1040, line 21 d) Form 1040, line 20a and b, or Form 1040A, line 14a and b 

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