Excess Roth Contrib. & TurboTax?

#6 04-15-2005, 10:08 PM

NW" <nowhere[at]noplace.com> wrote:
- quote -

> "Victor Roberts" <xxx[at]lighting-research.com> wrote:
> > NW" <nowhere[at]noplace.com> wrote:
> > > "Phil Marti" <prm20871[at]verizon.net> wrote:
> > > > "NW" <nowhere[at]noplace.com> wrote:

> > > > > Due to making excess contributions to our Roth IRAs we had
> > > > > to withdraw the excess contributions and the earnings. As I
> > > > > understand it, I need to report the earnings on From 1040
> > > > > lines 15a and 15b. However, TurboTax won't let me enter a
> > > > > value without having entered an online 1099 form. Vangaurd
> > > > > has indicated that they will send the 1099s in January of
> > > > > next year, but I need to report the earnings now for my 2004
> > > > > return. Anyone know how I should proceed?

> > > > Make up a 1099-R or override the line 15 numbers. If you
> > > > can't figure out how to trick a computer, you shouldn't be
> > > > using software.

> > > Thanks for your insight. But, I'm a software engineer and
> > > know that if you "trick" it, you might get unexpected
> > > results due to programmed workflow, data integrity logic,
> > > etc. Not something I want to do with the IRS's system
> > > interrogating my electronic return.

> > Entering data for a "virtual" 1099, one that should have
> > been issued but you don't have in your hands, does not
> > "trick" the computer.

> Agreed. And is what I did. However, overriding line 15
> without the 1099 data, which was also suggested, would be a
> mistake in my opinion.

Depends upon the tax program. Some warn against overrides
and may use the data incorrectly in later calculations.
Others recognize that overrides are often necessary and will
do the math correctly.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

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

#5 04-14-2005, 05:09 PM

"Victor Roberts" <xxx[at]lighting-research.com> wrote:
- quote -

> NW" <nowhere[at]noplace.com> wrote:
> > "Phil Marti" <prm20871[at]verizon.net> wrote:
> > > "NW" <nowhere[at]noplace.com> wrote:

> > > > Due to making excess contributions to our Roth IRAs we had
> > > > to withdraw the excess contributions and the earnings. As I
> > > > understand it, I need to report the earnings on From 1040
> > > > lines 15a and 15b. However, TurboTax won't let me enter a
> > > > value without having entered an online 1099 form. Vangaurd
> > > > has indicated that they will send the 1099s in January of
> > > > next year, but I need to report the earnings now for my 2004
> > > > return. Anyone know how I should proceed?

> > > Make up a 1099-R or override the line 15 numbers. If you
> > > can't figure out how to trick a computer, you shouldn't be
> > > using software.

> > Thanks for your insight. But, I'm a software engineer and
> > know that if you "trick" it, you might get unexpected
> > results due to programmed workflow, data integrity logic,
> > etc. Not something I want to do with the IRS's system
> > interrogating my electronic return.

> Entering data for a "virtual" 1099, one that should have
> been issued but you don't have in your hands, does not
> "trick" the computer.

Agreed. And is what I did. However, overriding line 15
without the 1099 data, which was also suggested, would be a
mistake in my opinion.

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

#4 04-14-2005, 03:53 PM

"NW" <nowhere[at]noplace.com> wrote:
- quote -

> "Phil Marti" <prm20871[at]verizon.net> wrote:

> > Make up a 1099-R or override the line 15 numbers. If you
> > can't figure out how to trick a computer, you shouldn't be
> > using software.

> Thanks for your insight. But, I'm a software engineer and
> know that if you "trick" it, you might get unexpected
> results due to programmed workflow, data integrity logic,
> etc. Not something I want to do with the IRS's system
> interrogating my electronic return.

The 1099's aren't sent to the IRS when you submit your tax
return, it just sends in the numbers in your tax form. The
1099 you enter into TurboTax is just used by it to feed into
filling out the 1040 and associated schedules.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA

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

#3 04-13-2005, 05:16 PM

NW" <nowhere[at]noplace.com> wrote:
- quote -

> "Phil Marti" <prm20871[at]verizon.net> wrote:
> > "NW" <nowhere[at]noplace.com> wrote:

> > > Due to making excess contributions to our Roth IRAs we had
> > > to withdraw the excess contributions and the earnings. As I
> > > understand it, I need to report the earnings on From 1040
> > > lines 15a and 15b. However, TurboTax won't let me enter a
> > > value without having entered an online 1099 form. Vangaurd
> > > has indicated that they will send the 1099s in January of
> > > next year, but I need to report the earnings now for my 2004
> > > return. Anyone know how I should proceed?

> > Make up a 1099-R or override the line 15 numbers. If you
> > can't figure out how to trick a computer, you shouldn't be
> > using software.

> Thanks for your insight. But, I'm a software engineer and
> know that if you "trick" it, you might get unexpected
> results due to programmed workflow, data integrity logic,
> etc. Not something I want to do with the IRS's system
> interrogating my electronic return.

Entering data for a "virtual" 1099, one that should have
been issued but you don't have in your hands, does not
"trick" the computer.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

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

#2 04-11-2005, 05:54 PM

"Phil Marti" <prm20871[at]verizon.net> wrote:
- quote -

> "NW" <nowhere[at]noplace.com> wrote:

> > Due to making excess contributions to our Roth IRAs we had
> > to withdraw the excess contributions and the earnings. As I
> > understand it, I need to report the earnings on From 1040
> > lines 15a and 15b. However, TurboTax won't let me enter a
> > value without having entered an online 1099 form. Vangaurd
> > has indicated that they will send the 1099s in January of
> > next year, but I need to report the earnings now for my 2004
> > return. Anyone know how I should proceed?

> Make up a 1099-R or override the line 15 numbers. If you
> can't figure out how to trick a computer, you shouldn't be
> using software.

Thanks for your insight. But, I'm a software engineer and
know that if you "trick" it, you might get unexpected
results due to programmed workflow, data integrity logic,
etc. Not something I want to do with the IRS's system
interrogating my electronic return.

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

#1 04-07-2005, 06:55 AM

"NW" <nowhere[at]noplace.com> wrote:

- quote -

> Due to making excess contributions to our Roth IRAs we had
> to withdraw the excess contributions and the earnings. As I
> understand it, I need to report the earnings on From 1040
> lines 15a and 15b. However, TurboTax won't let me enter a
> value without having entered an online 1099 form. Vangaurd
> has indicated that they will send the 1099s in January of
> next year, but I need to report the earnings now for my 2004
> return. Anyone know how I should proceed?

Make up a 1099-R or override the line 15 numbers. If you
can't figure out how to trick a computer, you shouldn't be
using software.

--
Phil Marti
Clarksburg, MD

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

04-07-2005, 06:17 AM

- quote -

> Due to making excess contributions to our Roth IRAs we had
> to withdraw the excess contributions and the earnings. As I
> understand it, I need to report the earnings on From 1040
> lines 15a and 15b. However, TurboTax won't let me enter a
> value without having entered an online 1099 form. Vangaurd
> has indicated that they will send the 1099s in January of
> next year, but I need to report the earnings now for my 2004
> return. Anyone know how I should proceed? Thanks.

See if this thread in the TurboTax support forum helps you.
http://support.turbotax.com/forums/i...showtopic=4274

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

#-1 04-05-2005, 09:12 AM

Due to making excess contributions to our Roth IRAs we had
to withdraw the excess contributions and the earnings. As I
understand it, I need to report the earnings on From 1040
lines 15a and 15b. However, TurboTax won't let me enter a
value without having entered an online 1099 form. Vangaurd
has indicated that they will send the 1099s in January of
next year, but I need to report the earnings now for my 2004
return. Anyone know how I should proceed? Thanks.

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

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