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#4
05-01-2007, 11:12 PM
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 Re: How to handle a ROTH distrbution check? - quote - > > Assuming the fund was held in your IRA the check should have
Yes. It's jointly payable. Endorse it and send it along to> > been made payable to the IRA. Return it and get a corrected > > one. > The fund was held in my Roth IRA account and the check says > the name of the IRA account which is: > John Doe > Charles Schwab & Co Inc Cust > Roth Conversion IRA > Even though my name is on the top line of the check, I > believe that it is in fact "made payable to the IRA". Would > you agree? Schwab for deposit. It doesn't count as a contribution. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
04-30-2007, 03:22 PM
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| Re: How to handle a ROTH distrbution check? Benjamin Yazersky CPA wrote: - quote - > "njoracle" <njoracle[at]att.net> wrote:
Yes, that is correct.> > I have a ROTH IRA for over 7 years and I am over 60. In 2007 > > I received a "distribution payment" from a fund as a result > > of an SEC action against the fund. The SEC said I was an > > "injured" investor because of market timing carried on by > > the fund. I will probably deposit the check into th ROTH IRA > > and I'm sure this is not a taxable event. > > > However, what do I need to do in regard to filling out my > > 2007 tax forms? If the fund issues a 1099-R, then I'll just > > report that on my income tax. What if they don't issue a > > 1099-R? Do I not report it? > sounds more like you received a payment from the fund mgmt > co not a distribution from your roth - quote - > (hope you got more than $10)
(It is $160).The details of the reason for the payment are covered at http://www.pbafairfundsettlements.com/start.asp << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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#2
04-30-2007, 03:22 PM
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| Re: How to handle a ROTH distrbution check? Phil Marti wrote: - quote - > "njoracle" <njoracle[at]att.net> wrote:
The fund was held in my Roth IRA account and the check says> > I have a ROTH IRA for over 7 years and I am over 60. In 2007 > > I received a "distribution payment" from a fund as a result > > of an SEC action against the fund. The SEC said I was an > > "injured" investor because of market timing carried on by > > the fund. I will probably deposit the check into th ROTH IRA > > and I'm sure this is not a taxable event. > Assuming the fund was held in your IRA the check should have > been made payable to the IRA. Return it and get a corrected > one. the name of the IRA account which is: John Doe Charles Schwab & Co Inc Cust Roth Conversion IRA Even though my name is on the top line of the check, I believe that it is in fact "made payable to the IRA". Would you agree? << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- > |
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#1
04-28-2007, 08:44 PM
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| Re: How to handle a ROTH distrbution check? "njoracle" <njoracle[at]att.net> wrote: - quote - > I have a ROTH IRA for over 7 years and I am over 60. In 2007
sounds more like you received a payment from the fund mgmt> I received a "distribution payment" from a fund as a result > of an SEC action against the fund. The SEC said I was an > "injured" investor because of market timing carried on by > the fund. I will probably deposit the check into th ROTH IRA > and I'm sure this is not a taxable event. > However, what do I need to do in regard to filling out my > 2007 tax forms? If the fund issues a 1099-R, then I'll just > report that on my income tax. What if they don't issue a > 1099-R? Do I not report it? co not a distribution from your roth (hope you got more than $10) ___________________________________ <<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <----- << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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04-28-2007, 08:25 PM
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| Re: How to handle a ROTH distrbution check? "njoracle" <njoracle[at]att.net> wrote: - quote - > I have a ROTH IRA for over 7 years and I am over 60. In 2007
Assuming the fund was held in your IRA the check should have> I received a "distribution payment" from a fund as a result > of an SEC action against the fund. The SEC said I was an > "injured" investor because of market timing carried on by > the fund. I will probably deposit the check into th ROTH IRA > and I'm sure this is not a taxable event. been made payable to the IRA. Return it and get a corrected one. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
04-26-2007, 06:11 AM
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| How to handle a ROTH distrbution check? I have a ROTH IRA for over 7 years and I am over 60. In 2007 I received a "distribution payment" from a fund as a result of an SEC action against the fund. The SEC said I was an "injured" investor because of market timing carried on by the fund. I will probably deposit the check into th ROTH IRA and I'm sure this is not a taxable event. However, what do I need to do in regard to filling out my 2007 tax forms? If the fund issues a 1099-R, then I'll just report that on my income tax. What if they don't issue a 1099-R? Do I not report it? << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| check, distrbution, handle, roth |
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