Deleted
Joined: Apr 20, 2024 1:45:06 GMT -5
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Post by Deleted on Jan 27, 2011 11:20:14 GMT -5
Sooo... a week or so ago, I was bragging on the YM board about having my taxes e-filed in record time. We don't make much, and only had W2's and one 1099-INT. We have no other investments or anything like that. So yesterday, I check the mail, and find a surprise 1099-R form that I was not expecting.  Last year, I transferred my Roth IRA (worth about $385) from one bank to another. I had called the new bank who said they had no tax related forms to send me. I (stupidly) assumed the old bank wouldn't either then. When I transferred the Roth, bank #1 said they would have to send me a check which I needed to take to bank #2 within 30 days to roll over into a new account with no tax implications. So I did as I was told. Well, now I get this 1099-R and it says it was a distribution, not a rollover. I called the local H&R block to get some advice, and the man told me to just make sure to keep all my receipts and records in case the IRS sends me a letter. He said that bank #1 screwed up by not doing an electronic transfer into my Roth account at bank #2, but it doesn't change any of my tax obligations. A potential letter from the IRS scares the bejeebus out of me. No one wants to deal with that. Do I wait a couple weeks and file an amended return, or do I take the advice and just do nothing unless the IRS contacts me? |
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Deleted
Joined: Apr 20, 2024 1:45:06 GMT -5
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Post by Deleted on Jan 27, 2011 11:24:14 GMT -5
what is the code on the 1099?
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Deleted
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Post by Deleted on Jan 27, 2011 11:31:25 GMT -5
what is the code on the 1099? It is listed as "J". From what I was told, it should have been a "G", but because bank #1 sent me a check instead of doing it electronically, it's classified as a distribution. |
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