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Showing results for tags 'post-tax'.
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A governmental plan requires employees to contribute to the Plan post tax. The monthly benefit reflects both the taxable and non-taxable portions and are reported appropriately. If a retiree dies before receiving benefits equal to his or her contributions (plus interest at the plan's rate), then his or her beneficiary receives a refund equal to the difference between the total benefit received and the retiree's post-tax contributions (plus interest). Is this refund taxable? How is the refund reported to the beneficiary?
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does anyone have experience with 1099R coding when old post-tax contributions are cashed out of a qualified retirement plan? I have always been under the impression that there is no code and leave Box 7 blank, adding the post-tax contribution amount in Box 5, and the taxable field would be 0.00. any push back on this? I have submitted several 1099Rs to the IRS over the years like this. now being questioned that there should be a code in Box 7. thanks!
