Do I legally have to claim 1099R money as income on my tax return? How? 6 Answers as of July 09, 2015

I received a 1099R in box 1. which has $31,000.00 and the same in box 2a. I paid taxes of $3110.93. Do I have to claim box 1 as income on my tax return? I also split the money with my two sisters after receiving the money.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Law Offices of Robert Beatson II | Robert Beatson II
Dear Sir/Madam, The facts need to be carefully reviewed and analyzed.
Answer Applies to: Maryland
Replied: 7/9/2015
Ronald K. Nims LLC | Ronald K. Nims
You have to claim the amount in box 2a as income on your tax return.
Answer Applies to: Ohio
Replied: 7/9/2015
Irsfeld, Irsfeld & Younger LLP | Norman H. Green
Yes, you must report it. If your sisters were entitled to part then you may be able to deduct that part if they will report it.
Answer Applies to: California
Replied: 7/9/2015
Eranthe Law Firm
Eranthe Law Firm | Cate Eranthe
Yes. You claim the income and include the tax that was paid. It doesn't matter what you did with the money after you received it. You didn't include enough information to know if there should be penalties for early withdrawal of pension/IRA monies. If you are looking at a penalty then you'll want to see if there are any exceptions that apply to you.
Answer Applies to: California
Replied: 7/9/2015
Polsinelli Shughart PC | William B. Prugh
Yes, the proceeds reported are taxable to you. The gift to family members is after-tax, unless they choose to reimburse you for the taxes you have to pay.
Answer Applies to: Missouri
Replied: 7/8/2015
    Andrew Gordon
    Andrew Gordon | Andrew Gordon
    Yes, you should contact a CPA to help you properly report the 1099R.
    Answer Applies to: Illinois
    Replied: 7/8/2015
Click to View More Answers: