After e-filing my return I received a 1099-R for a distribution from a retirement plan from my former employeer. This was a direct rollover with no tax implications. Am I required to file an amended return?
2007-02-04 00:46:33 · 2 answers · asked by kewo_2000 1 in Business & Finance ➔ Taxes ➔ United States
It is coded:
box 2a Taxable amount: 0.00
box 2b : Total Distribution
box 7 - Distribution Code(s): G (direct rollover to a qualified plan)
2007-02-04 01:22:24 · update #1
I need to know how it is coded in order to be sure. If they coded it as a direct rollover you can probably leave it off and not worry. If something happens later and the IRS discovers it you can always file the amendment at that time. Since there will bo no tax due it can't hurt to just leave it alone.
2007-02-04 01:03:04 · answer #1 · answered by misskenzie12 2 · 0⤊ 1⤋
It would be a good idea. Somewhere down the road, and it could be a year or two, their computers will notice that this form wasn't included on your return, and will send you a bill for the tax since they won't know it was rolled over. If you let it go now, you'll still probably be able to straighten it out then, but it'll be more hassle. I'd do it now. Be sure to fill in the "explanation for change" part, since your taxes won't change.
2007-02-04 10:54:29 · answer #2 · answered by Judy 7 · 0⤊ 1⤋