CKJ
Level 1
03-28-2022
12:39 PM
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I have a client who divorce last year. He paid his ex-spouse his portion of equity using his 401k to do that.
Is there a form for taxes to report that.
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Level 15
03-28-2022
12:44 PM
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He should have the 1099R from the distribution to report that income n his return.
Divorce settlements aren't a deduction for him, too bad he had to take the money from his 401k to make the payment.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Divorce settlements aren't a deduction for him, too bad he had to take the money from his 401k to make the payment.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
CKJ
Level 1
03-28-2022
12:49 PM
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Thank you. We did talk about that after the fact. I just wanted to make sure there wasn’t a way. Yes he did get 1099R.
Level 12
03-28-2022
01:25 PM
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should have had a QDRO done
Level 15
03-28-2022
01:34 PM
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sounds like it was for a equity buyout, not a retirement split. QDROs are for when the ex spouse is entitled to a portion of the retirement income.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪