"Herb Smith" <smithff33[at]aol.com> wrote:

- quote -

In which case there is still nothing to report on the 2007
return. You have to amend 2006 if the rollover of a 2006
distribution isn't completed.

--
Phil Marti
Clarksburg, MD

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"William Brenner" <wbrenner[at]nospamplease.net> wrote:

- quote -

The 1099-R doesn't indicate that the distribution was a
rollover, except when it's a direct transfer. You report the
full distribution and that $0 of the distribution is taxable
on your 2006 return. Nothing is reported on your 2007
return. The IRS will get "confirmation" of the rollover from
the 5498 filed by the IRA custodians.

Ira Smilovitz

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William Brenner wrote:

- quote -

I'm certainly not a tax pro, but I would expect that as long
as you rolled the funds over within the 60-day period, you
would not include the funds in income. Instead, it would
all be excluded.

The line for reporting the IRA distribution has fields for
taxable and non-taxable amounts. The rollover would make it
non-taxable, and that would reconcile with the 1099-R form.
Crossing the year-end boundary is immaterial.

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William Brenner wrote:

- quote -

My experience was rollover from 401K institution to a
Rollover IRA at a different institution. That generated a
1099R from the 401K institution which has the distribution
has a code for rollover.

The 1099R issued by the second institution the conversion to
ROTH had taxes withheld.

The 1099R tax year was respective of when the action executed.

Carl

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William Brenner wrote:

- quote -

The withdrawal will be reported as a "distribution" on line
15a of your 1040 form, with -0- recorded on line 15b. Write
ROLLOVER next to line 15b. See Pub 590, page 23 for
additional information.

- quote -

There is nothing to report in 2007, unless you fail to complete the
tax-free rollover.

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William Brenner wrote:

- quote -

If you rollover the gross amount within the 60 day window,
you just report the gross amount on Line 15a and taxable
amount of zero on 15b ( 2006 form 1040) and write the word
Rollover on the line. There is no 2007 transaction that gets
reported as you don't receive a 1099-R from the receiving
institution.

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"William Brenner" <wbrenner[at]nospamplease.net> wrote:

- quote -

You report rollovers on the return for the year of the
distribution, in this case 2006. There will be nothing on
the 2007 return regarding the rollover.

--
Phil Marti
Clarksburg, MD

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Scenario: Funds are withdrawn from an IRA in December 2006
and rolled over in January 2007.

Must the withdrawal be reported as 2006 income to comply
with the 1099-R that will be issued? (I think I know the
answer, but ask just in case.)

If yes, how is the rollover handled in 2007?

Bill

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