surprise form...a week after i e-filed.

[Deleted]

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?

[Deleted]

what is the code on the 1099?

[Deleted]

Jan 27, 2011 11:24:14 GMT -5 ArchietheDragon said:

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.