1099-Q distributions may have taxable portion!

[HV Ken]

I learned today that a portion of the distribution reported on form 1099-Q can be taxable! This was a surprise to me! This is documented on pages 68-70 of Publication 970 (http://www.irs.gov/pub/irs-pdf/p970.pdf). The formulas are rather simple, and I wonder how many more preparers out there were unaware of this as well....

[jainen]

>>a portion of the distribution reported on form 1099-Q can be taxable<<

Thanks! I'm always looking for more loopholes to treat a client's income as taxable.

[grandmabee]

You are funny.... but I always seem to read your post twice to see if you are being smart or serious

[Crank]

>>a portion of the distribution reported on form 1099-Q can be taxable<<

Thanks! I'm always looking for more loopholes to treat a client's income as taxable.

LOL That cracked me up! :)