how to report IRS about rollover contributions

#5 02-23-2004, 04:41 PM

- quote -

> > > In late 2001 my company was acquired by another company and
> > > in Jan'2002 we were given an option to rollover the 401K
> > > contribution amount to a different account or leave it in
> > > existing account At that time (i.e.Jan'2002), I have rolled
> > > over my contributions into IRA rollover account and this was
> > > my first-ever rollover. So far, I haven't reported to IRS
> > > regarding this transaction and just wondering how I can
> > > report it IRS.

> > Gross amount: The full amount of the rollover (on line
> > 16a) Taxable amount: Zero. (Line 16b)

> But the rollover was done in 2002. It can't be reported on
> the return for 2003. The original poster didn't say whether
> s/he has filed a 2002 tax return. Assuming s/he did file,
> but did not show the rollover, should s/he now file an
> amended return for 2002?

No need. Just wait to see if any IRS notice ever arrives
in the mail, and if so, deal with it in a letter back to
them.

Cheer$,
Harlan Lunsford, EA n LA

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#4 02-23-2004, 04:03 PM

- quote -

> > > In late 2001 my company was acquired by
> > > another company and in Jan'2002 we were
> > > given an option to rollover the 401K
> > > contribution amount to a different account
> > > or leave it in existing account At that time
> > > (i.e.Jan'2002), I have rolled over my
> > > contributions into IRA rollover account and
> > > this was my first-ever rollover. So far, I
> > > haven't reported to IRS regarding this
> > > transaction and just wondering how I can
> > > report it IRS.

> > Gross amount: The full amount of the rollover
> > (on line 16a) Taxable amount: Zero. (Line
> > 16b)

> But the rollover was done in 2002. It can't be
> reported on the return for 2003. The original
> poster didn't say whether s/he has filed a 2002
> tax return. Assuming s/he did file, but did not
> show the rollover, should s/he now file an
> amended return for 2002?

That sounds right to me. If there's no filing to explain
the 1099 issued for the 401K distribution (there was one,
wasn't there?), there should be a letter of inquiry
regarding the "unreported income" in 2002 coming sometime
this year.

Bill

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#3 02-23-2004, 03:24 PM

- quote -

> > > In late 2001 my company was acquired by another company and
> > > in Jan'2002 we were given an option to rollover the 401K
> > > contribution amount to a different account or leave it in
> > > existing account At that time (i.e.Jan'2002), I have rolled
> > > over my contributions into IRA rollover account and this was
> > > my first-ever rollover. So far, I haven't reported to IRS
> > > regarding this transaction and just wondering how I can
> > > report it IRS.

> > Gross amount: The full amount of the rollover (on line
> > 16a) Taxable amount: Zero. (Line 16b)

> But the rollover was done in 2002. It can't be reported on
> the return for 2003. The original poster didn't say whether
> s/he has filed a 2002 tax return. Assuming s/he did file,
> but did not show the rollover, should s/he now file an
> amended return for 2002?

The year of the event doesn't affect the lines on which it
is reported. It's the same boxes for either year.

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#2 02-23-2004, 03:24 PM

Bob Sandler <bob_usenet[at]yahoo.com> writes:

- quote -

> But the rollover was done in 2002. It can't be reported on
> the return for 2003. The original poster didn't say whether
> s/he has filed a 2002 tax return. Assuming s/he did file,
> but did not show the rollover, should s/he now file an
> amended return for 2002?

This probably wasn't a reportable rollover in the first
place. It sounds more like a routine change in investments
within a plan than a distribution and redeposit. If no 1099
was issued, I don't see the need to report anything to IRS.

Phil Marti
Topeka, KS

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#1 02-22-2004, 05:59 AM

- quote -

> > In late 2001 my company was acquired by another company and
> > in Jan'2002 we were given an option to rollover the 401K
> > contribution amount to a different account or leave it in
> > existing account At that time (i.e.Jan'2002), I have rolled
> > over my contributions into IRA rollover account and this was
> > my first-ever rollover. So far, I haven't reported to IRS
> > regarding this transaction and just wondering how I can
> > report it IRS.

> Gross amount: The full amount of the rollover (on line
> 16a) Taxable amount: Zero. (Line 16b)

But the rollover was done in 2002. It can't be reported on
the return for 2003. The original poster didn't say whether
s/he has filed a 2002 tax return. Assuming s/he did file,
but did not show the rollover, should s/he now file an
amended return for 2002?

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

02-21-2004, 11:37 PM

Katekaneni wrote:

- quote -

> In late 2001 my company was acquired by another company and
> in Jan'2002 we were given an option to rollover the 401K
> contribution amount to a different account or leave it in
> existing account At that time (i.e.Jan'2002), I have rolled
> over my contributions into IRA rollover account and this was
> my first-ever rollover. So far, I haven't reported to IRS
> regarding this transaction and just wondering how I can
> report it IRS.

Gross amount: The full amount of the rollover (on line
16a) Taxable amount: Zero. (Line 16b)

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

#-1 02-19-2004, 02:15 PM

In late 2001 my company was acquired by another company and
in Jan'2002 we were given an option to rollover the 401K
contribution amount to a different account or leave it in
existing account At that time (i.e.Jan'2002), I have rolled
over my contributions into IRA rollover account and this was
my first-ever rollover. So far, I haven't reported to IRS
regarding this transaction and just wondering how I can
report it IRS.

Thanks in advance for your valuable inputs.

Regards,
Katekaneni

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

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