1. Home
  2. Taxes General Forum
  3. 1099-R question

1099-R question

Hi,

I was wondering if anyone could help me with the following situation:

In April 2009, while doing my taxes for 2008, I realized I had contributed more to my ROTH IRA than what I was allowed to. I then did a re-characterization for the excess amount to a Traditional IRA and completed everything within the first week of April. My 2008 tax return reflected this re-characterization.

Doing my 2009 taxes right now, I see I have a 1099-R form sent to me by the institution for the re-characterization done in April.

Am I supposed to reflect this amount again in my 2009 tax forms?

Any help would be appreciated.

Thanks!

Reply to
Kika
Loading thread data ...

I would show the amount on the 1099-R on line 15a (IRA distributions) and as zero income on line 15b (taxable amount of IRA). If you're using TurboTax or H&R Block Home Edition, maybe there's a question that's asked that applies to your situation.

The reason I wouldn't ignore it is that years ago, under the IRS rules then in effect (I was allowed to take my own after-tax contributions out first), I made a tax-free withdrawal from the Bell System Savings Plan. Since there was no income, and no equivalent of lines 15a/b on Form 1040, I just ignored it. Well, about a year later, at the ripe old age of 32, I receive a tax bill (including interest and penalty) on the amount of retirement income I hadn't declared.

Reply to
Stan K

Just wondering, does the 1099-R form that you received recently (probably received in 2010) say 2008 or 2009 on it?

Reply to
removeps-groups

The form is for 2009 with a distribution code of R.

Reply to
Kika

Nothing to do. The distribution code (R) says it all.

Reply to
Herb Smith

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.