Rollover

[jrollo]

Client rolled over 401K into an IRA. They were within the 30 day window and have all the documents from the bank. The return will be paper filed.

My questions is this: Should the bank documents be attached to the return showing the dollar amount placed into the IRA. All except $3,000 dollars was placed into the IRA.

Thank you,

Jeff

[ljwalters]

Not necessary the bank will send them the info on an information return stating the amount of contribution. (cant remember the form #).

Did They rollover the entire amount or just the amount of in the check less $3,000. Be sure the also contributed the amount equal to withholdings from their check. The company is required to withhold from the withdrawal if it is sent in check form. Be sure they included that amount.

Linda and buddy

[jrollo]

Linda:

Thank your the reply.

The 1099 R shows 162,696 in block 1 and federal tax of $300. withheld. The amount they rolled over was $159,687. Would the $300 withheld be included in block 1.

Thank you

Jeff

[Gail in Virginia]

Linda:

Thank your the reply.

The 1099 R shows 162,696 in block 1 and federal tax of $300. withheld. The amount they rolled over was $159,687. Would the $300 withheld be included in block 1.

Thank you

Jeff

Yes, the withholding is included in the amount distributed on the 1099R.

[kcjenkins]

So the taxable amount would be $3,009.