Forgot to report a Rollover on Line 16 - do I need to amend?

#4 01-14-2004, 07:53 AM

Bill wrote:
- quote -

> gindie asked:

> > Upon a review of my 2002 return, I realized
> > that I neglected to report my wife's complete
> > rollover from a 403(b) to a Rollover IRA on
> > 1040 line 16. Is it necessary to amend that
> > return, since it didn't change any taxable
> > amounts?

> If a 1099 was generated, you must report the gross amount on
> line 16a. You can squeeze in a note "Rollover to IRA"
> (actually, since you'll be filing a 1040X and explaining the
> line entry on the second page, you won't have to squeeze at
> all -- but you "should have" with the original form) ... and
> of course, since there was no taxable income as a result,
> line 16b would remain empty -- unless there were other
> distributions taxable.
> Otherwise, you will be getting at least a letter audit in
> another year or so.

That's not an "audit", Bill, but merely an exception letter.

Cheer$,
Harlan Lunsford, EA n LA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#3 01-13-2004, 04:08 PM

gindie wrote:

- quote -

> Upon a review of my 2002 return, I realized that I neglected
> to report my wife's complete rollover from a 403(b) to a
> Rollover IRA on 1040 line 16. Is it necessary to amend that
> return, since it didn't change any taxable amounts?

Not necessary.

However be advised that IRS will probably pick it up and
send you a pleasant little notice advising you that you
might have missed it. At this time, you can explain with an
answer to their letter.

Cheer$,
Harlan Lunsford, EA n LA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#2 01-13-2004, 04:08 PM

gindie <gindie[at]hotmail.com> wrote:

- quote -

> Upon a review of my 2002 return, I realized that I neglected
> to report my wife's complete rollover from a 403(b) to a
> Rollover IRA on 1040 line 16. Is it necessary to amend that
> return, since it didn't change any taxable amounts?

If a direct rollover, indicated by a Code G in Form 1099-R
Box 7, I wouldn't bother to amend.

But if any other code, I would amend to head off trouble
later.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#1 01-13-2004, 04:08 PM

gindie[at]hotmail.com (gindie) wrote:

- quote -

> Upon a review of my 2002 return, I realized that I neglected
> to report my wife's complete rollover from a 403(b) to a
> Rollover IRA on 1040 line 16. Is it necessary to amend that
> return, since it didn't change any taxable amounts?

While there is no change in taxable income, due to the
rollover, the IRS only sees the withdrawal (reported via
1099-R) and is looking for the taxes. You should file an
amendment to show that the withdrawal IS NOT taxable, due to
the rollover.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

01-13-2004, 03:49 PM

gindie asked:

- quote -

> Upon a review of my 2002 return, I realized
> that I neglected to report my wife's complete
> rollover from a 403(b) to a Rollover IRA on
> 1040 line 16. Is it necessary to amend that
> return, since it didn't change any taxable
> amounts?

If a 1099 was generated, you must report the gross amount on
line 16a. You can squeeze in a note "Rollover to IRA"
(actually, since you'll be filing a 1040X and explaining the
line entry on the second page, you won't have to squeeze at
all -- but you "should have" with the original form) ... and
of course, since there was no taxable income as a result,
line 16b would remain empty -- unless there were other
distributions taxable.

Otherwise, you will be getting at least a letter audit in
another year or so.

Bill

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 01-12-2004, 10:35 AM

Upon a review of my 2002 return, I realized that I neglected
to report my wife's complete rollover from a 403(b) to a
Rollover IRA on 1040 line 16. Is it necessary to amend that
return, since it didn't change any taxable amounts?

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Similar Threads
Thread	Forum	Replies	Last Post
Net Worth Report: Investment Account cash compenent as a separate line item Bill Toupee: Is there a way to get MS Money to combine the cash account associated with an Investment account with the investment account. For investment...	Microsoft Money	2	04-01-2006 09:05 AM
forgot password?please help tsger@aol.com: I FORGOT MY PASSWORD ON MY MICROSOFT MONEY 2000 BUSINESS - PERSONAL I TRYED EVERY NAME AND NUMBER FOR 2 DAYS	Microsoft Money	1	01-15-2004 09:22 PM
Forgot Password kat_1956: I forgot my password and didn't have it written down, does anyone have any suggestions? Tried back-up file but it was backed up while protected...	Microsoft Money	1	12-23-2003 03:40 PM
Is it better to ask extention or file and amend David Reinagel: Is it better to request an extension to file your 1040, or would the IRS prefer that you file with estimations and then subsequently file an...	Taxes	2	10-20-2003 01:12 AM

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode