Home Page link  

Ensuring credit for non-direct IRA rollover

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Ensuring credit for non-direct IRA rollover Roy Starrin 01-21-2007
Posted by Roy Starrin on January 21, 2007, 4:18 pm
Please log in for more thread options
 Have just started getting info together, so this may be
someplace in the Pub 19, etc., but one worries more as one
gets older. In 2006, I rolled wife's longstanding IRA and
also my separate IRA out of a Fidelity Fund, deducted the
mandatory (over 70) deductions and deposited them
(separately) into local CDs/IRAs. Forms from Fidelity makes
it appear that we kept it all out, which, as far as they
know, we did. How do I insure in filing our otherwise
simple, standard deduction 1040 that the IRA doesn't get the
same impression and come after us for taxes on the entire
amounts vice just the taxes on the madatory withdrawls.
What must I ensure that I do? Or will all be explained when
I get into it, so that nothing can go wrong...can go
wrong...can go wrong...

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Phil Marti on January 22, 2007, 3:40 am
Please log in for more thread options
> In 2006, I rolled wife's longstanding IRA and
> also my separate IRA out of a Fidelity Fund, deducted the
> mandatory (over 70) deductions and deposited them
> (separately) into local CDs/IRAs. Forms from Fidelity makes
> it appear that we kept it all out, which, as far as they
> know, we did. How do I insure in filing our otherwise
> simple, standard deduction 1040 that the IRA doesn't get the
> same impression and come after us for taxes on the entire
> amounts vice just the taxes on the madatory withdrawls.

You report the rollover on line 15 of your 1040. The new
IRA custodian(s) will also report the rollover to IRS.

--
Phil Marti
Clarksburg, MD

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by A.G. Kalman on January 22, 2007, 3:40 am
Please log in for more thread options
Roy Starrin wrote:

> Have just started getting info together, so this may be
> someplace in the Pub 19, etc., but one worries more as one
> gets older. In 2006, I rolled wife's longstanding IRA and
> also my separate IRA out of a Fidelity Fund, deducted the
> mandatory (over 70) deductions and deposited them
> (separately) into local CDs/IRAs. Forms from Fidelity makes
> it appear that we kept it all out, which, as far as they
> know, we did. How do I insure in filing our otherwise
> simple, standard deduction 1040 that the IRA doesn't get the
> same impression and come after us for taxes on the entire
> amounts vice just the taxes on the madatory withdrawls.
> What must I ensure that I do? Or will all be explained when
> I get into it, so that nothing can go wrong...can go
> wrong...can go wrong...

Show the gross distribution on Line 15a of the 1040 and the
taxable RMD on Line 15b. Write the word Rollover on that
line.

--
Alan
http://taxtopics.net

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Arthur Kamlet on January 22, 2007, 3:59 am
Please log in for more thread options

> Have just started getting info together, so this may be
> someplace in the Pub 19, etc., but one worries more as one
> gets older. In 2006, I rolled wife's longstanding IRA and
> also my separate IRA out of a Fidelity Fund, deducted the
> mandatory (over 70) deductions and deposited them
> (separately) into local CDs/IRAs.

If I understand correctly, you took your required minimum
distributions and you rolled over the rest to an IRA.

The rollover(s) had to occur within 60 days of the
distribution in order to treat this as a rolllover.

But if you did rollover to an IRA, on Form 1040 Line 15a you
report the gross amount of distruibution, and on line 15b
you report only the amount not rolled over. And to the left
of Line 15 write: ROLLOVER

That's simple, right?

--
Art Kamlet ArtKamlet @ AOL.com Columbus OH K2PZH

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Similar ThreadsPosted
IRA rollover December 7, 2006, 8:30 am
IL income tax on 529 rollover April 9, 2007, 2:51 am
Rollover of 401k February 10, 2008, 11:58 pm
IRA Rollover question May 5, 2008, 2:36 pm
529 plan rollover May 6, 2008, 5:50 pm
another rollover Q re. payout as stock January 13, 2007, 1:53 am
Rollover of After-Tax money from a 401K to an IRA January 21, 2007, 4:37 pm
401k rollover - taxable in NJ February 25, 2007, 12:01 am
Direct Rollover 401(k) to Roth January 2, 2008, 1:28 am
Blew 60-day IRA rollover. Options? February 5, 2008, 1:35 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap