IRA Roll Over in ATX

[Peggy Cobb]

I have a client who is receiving regular distributions from an IRA due to disability. He withdrew an additional $80,000 from the IRA and redeposited $69,000 within 60 days all in 2008. How to I get ATX to recognize on $11,000 is taxable?

I looked at the 5329, but there is no early withdraw penalty since he is receive payments due to disability anyway.

Is my thinking wrong on this?

Thanks,

Peggy Cobb

Mount Vernon, WA

[Tax Prep by Deb]

I have a client who is receiving regular distributions from an IRA due to disability. He withdrew an additional $80,000 from the IRA and redeposited $69,000 within 60 days all in 2008. How to I get ATX to recognize on $11,000 is taxable?

I looked at the 5329, but there is no early withdraw penalty since he is receive payments due to disability anyway.

Is my thinking wrong on this?

Thanks,

Peggy Cobb

Mount Vernon, WA

I'm not sitting in front of my computer right now, but if I'm not mistaken there is a spot on the 1099R worksheet, (2a taxable amount, and then right below it you put the amount that was rolled over. Then it should include the full amount on the 1040 line a, but on the actual form it will show the correct taxable amount with the words rollover.

Hope this helps.,

Deb!

[Peggy Cobb]

Thank You, Thank You, Thank You. It worked great. I knew it had to be somewhere and that I had done it before.

Peggy

[Tax Prep by Deb]

Thank You, Thank You, Thank You. It worked great. I knew it had to be somewhere and that I had done it before.

Peggy

I have received so much help from this community so I am so glad I was able to help someone else!

Deb!