CKJ
Level 1

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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Just-Lisa-Now-
Level 15
Level 15
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♥¸¸.•*¨*•♫♪
CKJ
Level 1

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.

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Jim-from-Ohio
Level 12
Level 12

should have had a QDRO done

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Just-Lisa-Now-
Level 15
Level 15
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♥¸¸.•*¨*•♫♪
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