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IRA rollover

Speaking of IRA rollover, as Bill was, one of my clients got a notice from IRS wanting 10% on a distribution which was rolloved. there was a code 1 in block 7, so that is probably what piqued their computer's interest. However the tax return filed showed the amount on line... a. and zero on ... line... b. (I'm not too good remembering numbers= lol) AND the word "ROLLOVER" was duly entered into the efile. Oh well, as Gilda Radna used to say: "it's always something."

ChEAr$, Harlan

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Reply to
Harlan Lunsford
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I suppose, if the custodian knew what was being done, this should have been coded as a "2".

Line 15 appears to be correct. No other documentation should be necessary (unless the entire amount was not rolloved (sic)). In that case, you would need to file 5329.

Maybe the IRS will come back with a "never mind"

Reply to
Herb Smith

Do you happen to know whether the rollover was reported on a

5498 by the receiving custodian? A friend had the same problem a few years ago with a rollover properly reported on his return but never reported by the new custodian. In that case, though, IRS wanted tax plus the penalty.

-- Phil Marti Clarksburg, MD

Reply to
Phil Marti

I sure hope so. I've since learned from her documentation that the rollover was a direct transfer from MorganKeegan to T Rowe price, and therefore the code "g" should have been used. ChEAr$, Harlan

Reply to
Harlan Lunsford

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