"D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote
- quote -

I'd rather owe taxes, thank you very much.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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Paul wrote:
- quote -

Maybe not - but the only saving grace will be what STATE LAW
says. Some states have laws that allow people to back out
of contracts within a few days of signing. It's like
getting a marriage anulled instead of a divorce.

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- quote -

This would be accurate, yes. Got it thanks. I was surprised when I saw
the distribution report and didn't understand the re-investment saving.
But fortunately that is what we did....or "she did" on my "suggestion".

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bigriff[at]ureach.com writes:

- quote -

Do you do that within 60 calendar days?

- quote -

If you were doing the return by hand, you'd report the
1099-R amount on column (a) of the IRAs line, put -0- in
column (b) of that line, and write "ROLLOVER" next to the
line.

If you are using a tax program, there should be some way to
indicate to the program that that distribution was
redeposited within 60 calendar days, and then it'll do that
for you.

If you didn't redeposit it within 60 days, then you made a
taxable, penalizable distribution after all.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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<bigriff[at]ureach.com> wrote:

- quote -

As long as the final contribution was done within 60 days of
the withdrawal, you have a "rollover." Line 15(a) shows the
1099-R amount, and line 15(b) is zero.

Phil Marti
Clarksburg, MD

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bigriff[at]ureach.com wrote:

- quote -

There's no way that you could have done this, after all, you
said in first paragraph above, it was your wife's IRA, that
SHE opened.

Is it correct to say, then, that your wife received a 1099R
form from the bank? If so, then if she deposited it in
another IRA "at your suggestion", then it was a rollover;
no problem.

Now, what really happened?

ChEAr$,
Harlan Lunsford, EA n LA
Sun 30 Jan 2005

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<bigriff[at]ureach.com> wrote

- quote -

Then it really ~was~ a distribution.

- quote -

If you have the paperwork to show that you reinvested the
IRA funds within 60 days (a roll-over) then all is good.

Report the distribution on the return, and show the taxable
portion as $0.

--
Paul A. Thomas, CPA
Athens, Georgia

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In April 2004 when my wife opened an IRA (for our 2003
deduction) I was surprised at the banks high fees and
immediatly told them to cancel the account and I deposited
it else where in an IRA w/ no fee.

I have now received a dipursement report from the bank that
I shuned... What do I need to do to keep the paper work
straight. I usually just use HR block online, but I don't
think thier system will handle this? My research at the time
indicated I could do the switch with out penality.

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