Question
Professor Patricia Pate is retired from PSCAA. Single, 68 yrs old, benefits from PSCAA retirement plan, Earnings and income tax withholdings for 2016 are: Gross
Professor Patricia Pate is retired from PSCAA. Single, 68 yrs old, benefits from PSCAA retirement plan, Earnings and income tax withholdings for 2016 are: Gross Distributions/Taxable amt $62100, Fed Tax WH/ 7350, no state tax w/h, During March 2016 Patricia took $82000 distribution from 401K. Recvd only $65600 because Fed Tx W/H was $16400, 45 days after distribution rollover of $58,000 to IRA, keeping $7600 to remodel her kitchen. The total for pensions and annuities on line 16a on form 1040 is $144100. What is the taxable amount that goes on line 16b of the 1040 form? If you can please explain how you got the answer. I need this if possible ASAP. This is holding me up on finishing my problem for my homework that is due tonight. Thank you in advance for your help.
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