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How can I report on the tax returns when I received a 1099-R

Customer Question
from US bank which says...
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: 1 year ago.Category: Tax
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Answered in 12 minutes by:
3/5/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,141
Experience: Taxes, Immigration, Labor Relations
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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.

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Customer reply replied 1 year ago
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Tax Professional: Lev, Tax Advisor replied 1 year ago

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If you still have any doubts, need clarification - please be sure to ask.
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Lev
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