and witch line to file the RMD $$ from the ROLLOVER IRA account . On form 1099-R box 7 the code is " 7 ". I am ok to file the RMD $$ from traditional IIRA account on form 8606. Now need help for the RMD $$ I received from ROLLOVER IRA account.
Thank you so much. Those 2 IRAs are in seperated institution.
2007-03-06 05:55:22 · 3 answers · asked by LC 1 in Business & Finance ➔ Taxes ➔ United States
The rollover IRA is pretax just like a traditional one. Your distribution will be shown on the 1040, not on an 8606. Same for the traditional IRA unless some of it was funded with non-deductible contributions.
2007-03-06 06:12:55 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Always put all distributions on the front page of the 1040.
The form 8606 is used to determine whether a contribution is deductible or not. Very specifically doesn't include rollovers. And distributions for RMD purposes are not rollover eligible. From what you've said you're only looking at the RMD's and not contributions so the 8606 isn't needed. Add the two distributions together and put them on the front page of the 1040.
2007-03-07 02:45:12 · answer #2 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
The IRS does not care which account you choose to take your required minimum distribution from...They just want to make sure you take it- so they can tax you on it (or penalize you if you don't!).
2007-03-06 06:01:25 · answer #3 · answered by ? 5 · 0⤊ 2⤋