Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

Tax Law Question?

Tax Law Question?
Ask Your Own Tax Question
Answered in 3 minutes by:
10/11/2012
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,160
Experience: Taxes, Immigration, Labor Relations
Verified

LEV :

Hi and welcome to Just Answer!
Please post your question.

Customer:

On my 2010 tax return I had cashed an old IRA for $7000 and entered it as a ROLLOVER with no tax due. My rollover is based on my paying into my employee retirement account $15,400. for the year. IRS wants me to pay $1800. additional tax based on this additional retirement income. Do I staand a chance and need to file for a tax court date or just pay as my filing deadline is this coming Monday.

Ask Your Own Tax Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Hello and thank you for using Just Answer,
The IRA you cashed in would have needed to be placed in a qualified account within 60 days the distribution.

You can roll over your IRA into a qualified retirement plan (for example, a 401(k) plan), assuming the retirement plan has language allowing it to accept this type of rollover. The rollover requirements, especially for the time to complete, must be met.
The fact that you contributed to the retirement account would fall under deferred compensation. This means that the amounts you contributed, if made with pretaxed amounts, already received a tax benefit.
In short, if you withdrew the IRA, made contributions to your employer account with pretaxed money and did not pay tax on the amounts contributed,or did not actually rollover the exact amount from the IRA into the employee account within 60 days of the distribution then you should have included the distribution with your income for the year of the withdrawal.
Please let me know if you need more clarification and I thank you in advance for a positive rating.


Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
Ask your own question now
Thank you for the rating and I wish you the best.
Ask Your Own Tax Question
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
15,888 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

15,888 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
In a divoice. I am retired. My wife by law gets half my
In a divoice. I am retired. My wife by law gets half my pension, $ 217,964.61. Now they want 20% gross up for tax on the maximum transferable portion of my Omers pension of $ 217,964.61. Which adds up… read more
Lev
Lev
Tax Advisor
30,160 satisfied customers
I am retired and my only income is SS retirement benefits.
I am retired and my only income is SS retirement benefits. My wife works and will make about $40,000.00 in 2017. I want to file married filing separate for 2017 - avoiding an any tax on my SS benefits… read more
Robin D.
Robin D.
Senior Tax Advisor 4
15,888 satisfied customers
I filed for an extension to file my 2017 income tax return.
I filed for an extension to file my 2017 income tax return. I recently suffered a stroke - 6 weeks ago - and have been unable to finalize my return. I should be able to file it within the next 30 days… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
I missed the deadline ti file an 83() and trying to see if
Second opinion] Hi I missed the deadline ti file an 83(b) and trying to see if there is anything I can do. I realize the deadline is hard and fast but is there any way to request an abatement or lenie… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
When I filed my 2016 income tax (I'm retired) single it
when I filed my 2016 income tax (I'm retired) single it worked out that I would get a $25.00 refund and the information I received said no refund due. Where do I turn to get some answers? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Miss are social security benefits taxable by the irs. Are
miss Wilson are social security benefits taxable by the irs … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have an old 457b retirement plan from a county government
I have an old 457b retirement plan from a county government job. I have not worked there in over 14 years. Is it possible to roll the money in it into an existing IRA, or 401k? Dwight, Maricopa, AZ.… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,226 satisfied customers
I have a summary of my retirement plan balances. MGH says
I have a summary of my retirement plan balances. MGH says they do not owe me the money. It doesn't say projected or estimated, it says my balance as of 12/31/13 is 14, 698.00. Don't they owe me this m… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My husband & i need to file our taxes for 2016. Deadline
My husband & i need to file our taxes for 2016. Deadline looms on extensions. Ou … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Retirement Plans S-Corporation has one shareholder. Through
Retirement PlansS-Corporation has one shareholder. Through 2016, retirement plan was a SEP and the only qualifying employee was the shareholder. As of September 1, 2017 another employee will qualify f… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am trying to find out about a retirement plan Tax code
I am trying to find out about a retirement plan Tax code 702j retirement account? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
Is Worker's Compensation payment to be added as income? I
Is Worker's Compensation payment to be added as income? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Generally, 403()9 church retirement plans are not subject to
Generally, 403(b)9 church retirement plans are not subject to SECA taxes on ministerial salary reduction contributions. In other words, ministers will save almost 15 percent in SECA taxes by using a c… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,226 satisfied customers
I contributed 18000 dollars to my 403b retirement plan by
I contributed 18000 dollars to my 403b retirement plan by June 30, 2017. From July 1, 2017, I am eligible for a matching contribution from my employer upto 5%. Given the annual limit of combined contr… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What is the deadline for the last federal tax return for a
What is the deadline for the last federal tax return for a closed business? Is it within 2 months after the company is closed? Thanks.… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,226 satisfied customers
In Pennsylvania, a have a retirement plan administered
In Pennsylvania, a have a retirement plan administered through Metlife. On the tax form they ask about classification and if it is qualified. … read more
Lev
Lev
Tax Advisor
30,160 satisfied customers
Have you had any distributions from a retirement plan after
Have you had any distributions from a retirement plan after 2013 and before the due date of your 2016 return?....... the due date is that the deadline of April that they are referring to when asking t… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,300 satisfied customers
Is a non-qualified retirement plan taxed at a normal tax?
Is a lump sum from a non-qualified (SERP), assuming no contribution was made by me and therefore no taxes ever paid, taxed at my ordinary income marginal tax rate? If so, can it be spread over future … read more
Robin D.
Robin D.
Senior Tax Advisor 4
15,888 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x