On Jan 24, 8:58*pm, Mark Bole <ma...[at]pacbell.net> wrote:

- quote -

Yes. Significant unexpected distribution from Traditional IRA caused
us to blow right past the Roth IRA limits.

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

Phil Marti wrote:
- quote -

Not sure why (or if) you think the other thread "Recharacterization of
stock transfer to Roth from Trad IRA" is in essence any different from
this...? In the former case you recommend trying to get the custodian
to tweak the 1099-R, in this case you (correctly) state to attach an
explanation.

To the OP: just to confirm, by "excess", you mean contributions that
are not allowed due to your AGI being too high for your filing status?

-Mark Bole

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

"gindie" wrote:

- quote -

You report the distribution on line 15 of your 2008 1040, not your 2009
return as the eariler response suggested. Line 15a is the amount returned,
line 15b is zero, and you attach an explanation that this is a return of an
excess 2008 contribution minus negative earnings.

You'll get a 1099-R a year from now showing the distribution. It will be
coded to show that it's something that should have been reported on your
2008 return. You do nothing with it on your 2009 return.

See page 4 of the instructions for Form 8606.

--
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 (2007) - All rights reserved. > << ------------------------------------------------------- >

gindie wrote:
- quote -

the distribution on your 2009 tax return.

You don't have a reportable loss as long as you have any Roth
account still in existence.

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

I will be withdrawing excess 2008 Roth IRA contributions (not a total
liquidation). These contributions resulted in a loss. Where, if
anywhere, do I account for this transaction on my 1040? Also, I
understand that I won't get a 1099-R for this until next year, what do
I do with that when I get 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 (2007) - All rights reserved. > << ------------------------------------------------------- >