HELP on IRA

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Subject Author Date HELP on IRA TB 10-26-2009  Re: HELP on IRA Arthur Kamlet 10-26-2009
Posted by TB on October 26, 2009, 11:26 pm Please log in for more thread options I have a question on a rollover out of an IRA. I needed some $$$ short term so I rolled money out of my conventional IRA into a brokerage account --- then put the money back into the IRA after 55 calendar days. I took out cash, and returned the exact same amount of cash. I am aware I cannot do this again from this account for 12 months. What paperwork do I need to file with the IRS in April to make sure my rollover/payback will not be questioned? Is the 12 month period from the date of the rollover or the date of the payback?? Thanks, TB -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on October 26, 2009, 11:37 pm Please log in for more thread options > I have a question on a rollover out of an IRA. I needed some $$$ >short term so I rolled money out of my >conventional IRA into a brokerage account --- then put the money back >into the IRA after 55 calendar days. >I took out cash, and returned the exact same amount of cash. I am >aware I cannot do this again from this account for 12 months. Correct. > What paperwork do I need to file with the IRS in April to make >sure my rollover/payback will not be questioned? Is the 12 month >period from the date of the rollover or the date of the payback?? When you file your Form 1040 income tax return, on line 15a you add the amount of the distribution, and on line 15b you do not add the amount put back into an IRA within the 60 day period. And write ROLLOVER on line 15. So if you take a 10,000 distribution and within 60 days you do your not-more-than-once every 12 month rollover of 10,000, and have no other IRA activity, on form 1040 line 15 is the word ROLLOVER and line 15a is 10,000 and line 15b is 0. That tells the IRS that the difference between your gross distribution and your taxable amount is a nontaxable rollover. The IRS also has received from the iRA custodian(s) Form 5498 showing these amounts. -- ArtKamlet at a o l dot c o m 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 (2007) - All rights reserved. >> << ------------------------------------------------------- >>