Discussion:Incorrect 1099-R/Form 5498
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| Revision as of 15:58, 16 October 2009 Joanmcq (Talk | contribs) (agree with D&T.) ← Previous diff |
Revision as of 17:13, 20 October 2009 Bean (Talk | contribs) (are you saying t) Next diff → |
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| {{ForumReplyPost|UserID=Joanmcq|Date=16 October 2009|Text=agree with D&T.}} | {{ForumReplyPost|UserID=Joanmcq|Date=16 October 2009|Text=agree with D&T.}} | ||
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| + | {{ForumReplyPost|UserID=Bean|Date=2009-10-20|Text=are you saying that it is taxable?? even though clt deposited the funds in less than 60 days?? the broker just would not reissue the 1099 but they insisted that the 5498 is all that's needed.}} | ||
Revision as of 17:13, 20 October 2009
Discussion Forum Index --> Basic Tax Questions --> Incorrect 1099-R/Form 5498
Discussion Forum Index --> Tax Questions --> Incorrect 1099-R/Form 5498
| 2009-10-16 | |
| Client has 1099-R with IRA rollover amount in both Box 1 and Box 2a as taxable; however, this transaction was a rollover within 60 days but the broker did not issue the 1099-R correctly. The only thing received from broker in addition to the 1099-R was Form 5498 showing the same rollover amount in Box 2. Should client ask broker to reissue a new and corrected 1099-R or that's enough info. to file the return with the amount not taxable since it was really a rollover? (This was for 2008 tax year). | |
| 16 October 2009 | |
| You should be ok to file without getting a corrected 1099-R. I would at least ask for documents to support the withdrawal date and the rollover funding date.
Your TP could have taken his rollover money to a different broker or bank and opened a new account within 60 days - no difference from what your facts are. | |
| 2009-10-16 | |
| Thanks Kathi- I'm surprised they would not reissue a corrected 1099 (but then again this was 2008). | |
Death&Taxes (talk|edits) said: | 16 October 2009 |
| If the client took the check, I believe the 1099R is correct. The 5498 is your proof that the rollover was consumated. | |
| 2009-10-20 | |
| are you saying that it is taxable?? even though clt deposited the funds in less than 60 days?? the broker just would not reissue the 1099 but they insisted that the 5498 is all that's needed. | |
