KEYWEST_RICKS Posted April 3, 2017 Report Posted April 3, 2017 low income taxpayer received an ira dist check dated and mailed 12/30/2016...... obviously didn't receive the check in the mail until 2017....1099 is a 2016 1099... along with withholding. probably not a huge deal except for advance premium tax credit..... now the taxpayer is over 400 percent of poverty.. entire aptc must be returned....which is a huge number. does anyone think I have a snowballs chance of trying to argue constructive receipt and report this on 2017 instead of 2016 I am assuming is would get a notice and deal with that issue when I receive it..... does anyone think I would win in the end? Quote
Gail in Virginia Posted April 3, 2017 Report Posted April 3, 2017 Is the taxpayer over 70 1/2? Is this RMD? And which would be worse - 50% penalty on RMD or paying back advance premium tax credit? 1 Quote
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