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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I'm doing my 2015 taxes using turbo tax. I have a 1099-INT

Customer Question

i'm doing my 2015 taxes using turbo tax. I have a 1099-INT with zero in boxes 1 thru 17 and numbers in boxes 1d and 1e. How and where do i enter those numbers?
Submitted: 9 months ago.
Category: Tax
Expert:  Lev replied 9 months ago.

If there is NOTHING reported on that form - do not enter the form - just skip it.
If you wonder why form was sent to you - you might want to contact the sender.

But if there is no any amounts - just keep it for your records and do not use for tax preparation.

Customer: replied 9 months ago.

But there IS something in boxes 1d and 1e

Expert:  Lev replied 9 months ago.

What exactly do you have in these boxes?

Customer: replied 9 months ago.

Disregard I figured out. However, I have another question. In **2014** I contributed too much money to a Roth IRA with Vanguard. As far as I can tell Vanguard didn't send me a form (for example 1099-B) but I do have a Check Confirmation in front of me with date 3/11/15 showing $5,167 Excess Distribution coming back to me and on the same date Attributable Earnings of $493.89. Is this even a taxable event? And if so how and where do I report it? FYI I believe that if it was reported to me it would have been on form 5329.

Expert:  Lev replied 9 months ago.

You need to have reporting form 1099R - that form must be for 2015 - based on the time when distribution is taken.
You do not need to use form 5329, distribution of the original contribution made before the due date of your refund is not taxable.

But distribution of earnings will be taxable and will be subject to 10% penalty.
you will need to report full distribution on line 15a and taxable portion on line 15b form 1040.

Customer: replied 9 months ago.

after entering the 1099R info into turbo tax it is telling me that i need to refile for 2014. I'd prefer not to. Is there any way I can put this into form 5329 and pay the penalty?

Expert:  Lev replied 9 months ago.

Most likely - you did not mark that as Roth IRA - that is why the software sending you to prior tax year...
But otherwise form 5329 is not needed - and no need to amend prior year tax return because Roth IRA contributions were nit deductible.

Customer: replied 9 months ago.

I found out that I qualify for an exception to the Roth contribution issue because I received over 12 weeks unemployment in 2014. My question is: do I have to report this on my 2015 tax return, or does it only become an issue if I get audited for 2015? I have proof of 2014 unemployment income and it was showing on my 2014 return.

Expert:  Lev replied 9 months ago.

Distribution of earning is reported and taxed on your 2015 tax return based on time when that distribution was taken out.