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| Definitions by InvestorWords.com |
| What is...? |
| Taxable amount (1099-R) This part of the distribution is generally taxable. If there is no entry on this line, the payer may not have all the facts needed to figure the taxable amount. In that case, box 2b should be checked. You may want to get one of the following publications from the IRS to help you figure the taxable amount: Pub. 560, Pub. 571, Tax-Sheltered Annuity Plans (403(b) Plans) for Employees of Public Schools and Certain Tax-Exempt Organizations, Pub. 575, Pub. 590, Pub. 721, Tax Guide to U.S. Civil Service Retirement Benefits, or Pub. 939, General Rule for Pensions and Annuities. For an IRA distribution, see IRAs and Roth IRAs above. For a direct rollover, zero should be shown, and you must enter zero (-0-) on the "Taxable amount" line of your tax return. If this is a total distribution from a qualified plan (other than an IRA or tax-sheltered annuity) and you were born before January 2, 1936 (or you are the beneficiary of someone born before January 2, 1936), you may be eligible for the 10-year tax option. See the Instructions for Form 4972 for more information. |
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