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Posted by Harlan Lunsford on December 9, 2006, 6:42 am
Please log in for more thread options Herb Smith wrote:
> Harlan Lunsford wrote:
>> Speaking of IRA rollover, as Bill was, one of my clients
>> got a notice from IRS wanting 10% on a distribution which
>> was rolloved. there was a code 1 in block 7, so that is
>> probably what piqued their computer's interest.
> I suppose, if the custodian knew what was being done, this
> should have been coded as a "2".
>> However the tax return filed showed the amount on line...
>> a. and zero on ... line... b. (I'm not too good
>> remembering numbers= lol) AND the word "ROLLOVER" was duly
>> entered into the efile.
> Line 15 appears to be correct. No other documentation should
> be necessary (unless the entire amount was not rolloved
> (sic)). In that case, you would need to file 5329.
>> Oh well, as Gilda Radna used to say: "it's always something."
> Maybe the IRS will come back with a "never mind"
I sure hope so. I've since learned from her documentation
that the rollover was a direct transfer from MorganKeegan to
T Rowe price, and therefore the code "g" should have been
used.
ChEAr$,
Harlan
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