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Procrastination will be a common theme with my question.

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Hi. Procrastination will be...
Hi. Procrastination will be a common theme with my question.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Sorry. I didn't mean to hit "Enter". Years ago I left one company to work for another and I waited until last year to move my 401K over. I ended up taking it in the form of a check that I was going to put in a Fidelity IRA. After I got the check, I sat on it for a long time, intending to get to it when I could. When I went to get to it, I couldn't find the check. I know I have it somewhere. Should I claim the check on this current tax form or should I wait until next year. If I can't find it, apparently I can request another check.
JA: Is there anything else important you think the Accountant should know?
Customer: That's the whole story, stupid as it is. I haven't cashed the check or done anything else with it. It hasn't contributed in any way to my financial condition. But I have the W2 from the company issuing the check, so if I don't know if it would be appropriate for me to claim it for last year.
Submitted: 7 months ago.Category: Tax
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4/17/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,869
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

If the 401K issued you a 1099R for 2016 you have to report it in 2016. Generally when you received the check that was the distribution date. You were not barred form cashing it or rolling it over into the IRA so you had constructive receipt of the funds.

You missed the date for a rollover to an IRA (60 days).

Please let me know by posting below if you need clarification and so I know you could view the answer. If you do not require more information, a positive 5 star rating is appreciated.

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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,869
15,869 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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