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Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
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Experience:  10 + years of accounting and tax experience, financial statements and business planning
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i had a profit sharing plan. this year, a few months ago,

Resolved Question:

i had a profit sharing plan. this year, a few months ago, I shut down the profit sharing plan and rolled those dollars to a rollover ira. I did not adequately communicate to my financial advisor that part of those profit sharing dollars were after-tax contributions. All monies are now in the rollover ira. Is there anything I can do to help me not get taxed again on the monies that were after tax contributions?
Submitted: 3 years ago.
Category: Tax
Expert:  Chad Oberg replied 3 years ago.

Chad Oberg :

Hi, my name isXXXXX Give me a moment to make sure I have your question.

Chad Oberg :

The best way to make sure you do not have an adverse tax consequence is to contact your investment adviser and request that they adjust the 1099 to correctly display the information. Otherwise, no matter what you record on you r tax return, you may receive an inquiry or letter from the IRS. If you have any questions, please do not hesitate to contact me.

Customer:

can the investment adviser amend the 1099 before it is filed?

Chad Oberg :

No, an amendment is not necessary if the investment adviser hasn't reported the 1099. Chances are, they have not reported since they are not due until after year-end.

Chad Oberg :

Most investment advisers will amend, if the 1099 is filed in order to keep on good terms with the client.

Chad Oberg :

If you have any questions, please do not hesitate to contact me. Thank you, XXXXX XXXXX CPA

Customer:

so, we could just take the after tax dollars that were rolled over into the rollover IRA, a few months ago, and send them to a taxable or roth IRA account and they would retain their after-tax status because the investment adviser had not filed the 1099 for this year yet?

Chad Oberg :

You will need to discuss the specifics with the adviser since there are time limits on these types of transactions. However, there is a good possibility that you may claim that the transaction was unintentional and fix it without any repercussions.

Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
Experience: 10 + years of accounting and tax experience, financial statements and business planning
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Chad Oberg
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