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Merlo
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Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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1099R QUESTION I made a 2008 IRA contribution in April 2008

Resolved Question:

1099R QUESTION
I made a 2008 IRA contribution in April 2008 for the 2008 tax year.
In January 2009 I asked the custodian to return the contibution. I didnot
take a IRA deduction on my 2008 1040.
Question: If the custodian mails me 1099R for the 2009 tax year what do
I do? Or, how do I report on the 1040 the distribution was a return of my
withdrawn contribution?
Thanks for your help.
Steve
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.

Hello bluebunny,

 

You should receive a 1099-R form from the investment firm to show this withdrawal, even though it was a reversal of your original contribution. The investment firm is still required to send the 1099 and then it is up to you to report this as a reversal on your return.

 

You will enter the amount you withdrew on line 15a of Form 1040, but then on line 15b you will show only the taxable portion of that withdrawl, which may be zero. You need to complete Form 8606 to figure the amount, if any, which is subject to tax.

 

Please refer to page 24 of the following Form 1040 instructions for lines 15a and 15b on your tax return and you will see where it addresses the issues of IRA contributions which were returned to you and how to report them.

 

http://www.irs.gov/pub/irs-pdf/i1040.pdf

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you bluebunny

 

 

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and 6 other Tax Specialists are ready to help you

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