2007-03-03 16:25:47 · 3 answers · asked by LC 1 in Business & Finance ➔ Taxes ➔ United States
You have received a 1099R from the financial institution that rolled the IRA into another IRA. Box 7 will have the code G for rollover. Enter the data from this 1099R exactly as shown into your tax software.
If you do your return manually, enter the distribution on Line 15a of Form 1040 with the word "rollover" immediately to the right of the distribution amount. Enter 0 on Line 15b.
2007-03-04 01:36:42 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
If you received a distribution from your IRA, report the gross amount on Form 1040, line 15a. If this amount was rolled over within 60 days of the distribution, it is not taxable and you would enter 0 on line 15b.
2007-03-03 16:39:51 · answer #2 · answered by tma 6 · 3⤊ 0⤋
I you rolled it over, it's not a distribution.
If you took the total balance of one IRA and moved the funds to another IRA of the same kind, none of it is taxable, and there's no penalty. If anything was deducted during the rollover, you can get it back.
2007-03-03 16:38:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋