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In 2011, I rolled over TSP to traditional ira $111307 at my…

In 2011, I rolled over...

In 2011, I rolled over TSP to traditional ira $111307 at my bank; then next day $75k rolled into money market ira, and $36k into CD ira. My bank sent me 1099-R for $121k; and 1099-R for $7152, which was another rollover to ira from a different employee.

In 2011, I withdrew $7152 from other ira. I also withdrew $75k from money market ira, and $10k from cd ira. I never got a 1099-R for the $75k and $10k. How do I report this in my 1040? Do I add $85k to the $7152 on line 15b?

(I reported the 1099-R’s in turbo tax and it reported rollover amounts of $121k and $111307, and taxes to be paid on $7152, but nothing about taxes to pay on $75k+$10k.)

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4/15/2012

Tax Professional: Bill, Enrolled Agent replied 11 years ago

Bill, Enrolled Agent

Category: Tax

Satisfied Customers: 3,345

Experience: EA, CEBS - 35 years experience providing financial advice

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When did you withdraw the $75K and $10K from the bank? Did you keep the funds or transfer or roll them over to another IRA?

Customer reply replied 11 years ago

In 2011 I withdrew the $75k and $10k, and I kept the funds.

Tax Professional: Bill, Enrolled Agent replied 11 years ago

Since you kept the funds, the distributions were definitely taxable and the bank should have issued you a 1099-R. You should include these amounts (the additional $85k) on line 15b even though you didn't receive a 1099-R for them. You should contact the bank to determine if one was sent and to request a copy. Perhaps it was lost in the mail.

Customer reply replied 11 years ago

Do I need to also create a 1099 and input the $85k?

Tax Professional: Bill, Enrolled Agent replied 11 years ago

Yes, you would input that you received a 1099. If you are over age 59 1/2 then you would enter a code 7 for box 7. However, you should check with the bank on Monday to confirm that a 1099-R was or should have been issued prior to e-filing.

Bill, Enrolled Agent

Category: Tax

Satisfied Customers: 3,345

Experience: EA, CEBS - 35 years experience providing financial advice

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