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Posted by William Brenner on December 4, 2006, 5:57 pm
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Scenario: Funds are withdrawn from an IRA in December 2006
and rolled over in January 2007.
Must the withdrawal be reported as 2006 income to comply
with the 1099-R that will be issued? (I think I know the
answer, but ask just in case.)
If yes, how is the rollover handled in 2007?
Bill
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Posted by Phil Marti on December 5, 2006, 9:28 pm
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> Scenario: Funds are withdrawn from an IRA in December 2006
> and rolled over in January 2007.
>
> Must the withdrawal be reported as 2006 income to comply
> with the 1099-R that will be issued?
You report rollovers on the return for the year of the
distribution, in this case 2006. There will be nothing on
the 2007 return regarding the rollover.
--
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. >>
<< ======================================================= >>
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Posted by A.G. Kalman on December 5, 2006, 9:47 pm
Please log in for more thread options William Brenner wrote:
> Scenario: Funds are withdrawn from an IRA in December 2006
> and rolled over in January 2007.
>
> Must the withdrawal be reported as 2006 income to comply
> with the 1099-R that will be issued? (I think I know the
> answer, but ask just in case.)
>
> If yes, how is the rollover handled in 2007?
If you rollover the gross amount within the 60 day window,
you just report the gross amount on Line 15a and taxable
amount of zero on 15b ( 2006 form 1040) and write the word
Rollover on the line. There is no 2007 transaction that gets
reported as you don't receive a 1099-R from the receiving
institution.
<< ======================================================= >>
<< 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. >>
<< ======================================================= >>
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Posted by Herb Smith on December 5, 2006, 9:47 pm
Please log in for more thread options William Brenner wrote:
> Scenario: Funds are withdrawn from an IRA in December 2006
> and rolled over in January 2007.
>
> Must the withdrawal be reported as 2006 income to comply
> with the 1099-R that will be issued? (I think I know the
> answer, but ask just in case.)
The withdrawal will be reported as a "distribution" on line
15a of your 1040 form, with -0- recorded on line 15b. Write
ROLLOVER next to line 15b. See Pub 590, page 23 for
additional information.
> If yes, how is the rollover handled in 2007?
There is nothing to report in 2007, unless you fail to complete the
tax-free rollover.
<< ======================================================= >>
<< 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 December 6, 2006, 2:04 am
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>> If yes, how is the rollover handled in 2007?
> There is nothing to report in 2007, unless you fail to complete
> the tax-free rollover.
In which case there is still nothing to report on the 2007
return. You have to amend 2006 if the rollover of a 2006
distribution isn't completed.
--
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. >>
<< ======================================================= >>
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