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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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How can I report on the tax returns when I received a 1099-R

Customer Question

How can I report on the tax returns when I received a 1099-R from US bank which says the total amount is taxable though I withdrew from that bank and invested in another bank as the same simple IRA.
Submitted: 9 months ago.
Category: Tax
Expert:  Lev replied 9 months ago.

If you made qualified rollover - means you reinvested the money within 60 days after the distribution - that amount is not taxable.

The distribution is reported on form 1099R and rollover contribution is reported on form 5498.

The IRS will have both forms as well and will match amounts distributed and contributed.

For instance - if you distributed $5000 and rolled over the full distributed amount - you will report on form 1040 - line 15a = $5000 and line 15b=zero - so none will be included into taxable income.

Customer: replied 9 months ago.
Thank you!
Expert:  Lev replied 9 months ago.

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