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Ensuring credit for non-direct IRA rollover

Have just started getting info together, so this may be someplace in the Pub 19, etc., but one worries more as one gets older. In 2006, I rolled wife's longstanding IRA and also my separate IRA out of a Fidelity Fund, deducted the mandatory (over 70) deductions and deposited them (separately) into local CDs/IRAs. Forms from Fidelity makes it appear that we kept it all out, which, as far as they know, we did. How do I insure in filing our otherwise simple, standard deduction 1040 that the IRA doesn't get the same impression and come after us for taxes on the entire amounts vice just the taxes on the madatory withdrawls. What must I ensure that I do? Or will all be explained when I get into it, so that nothing can go wrong...can go wrong...can go wrong...

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Reply to
Roy Starrin
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You report the rollover on line 15 of your 1040. The new IRA custodian(s) will also report the rollover to IRS.

-- Phil Marti Clarksburg, MD

Reply to
Phil Marti

Show the gross distribution on Line 15a of the 1040 and the taxable RMD on Line 15b. Write the word Rollover on that line.

-- Alan

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Reply to
A.G. Kalman

If I understand correctly, you took your required minimum distributions and you rolled over the rest to an IRA. The rollover(s) had to occur within 60 days of the distribution in order to treat this as a rolllover. But if you did rollover to an IRA, on Form 1040 Line 15a you report the gross amount of distruibution, and on line 15b you report only the amount not rolled over. And to the left of Line 15 write: ROLLOVER That's simple, right?

-- Art Kamlet ArtKamlet @ AOL.com Columbus OH K2PZH

Reply to
Arthur Kamlet

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