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What are lines 15a & 15b on form 1040 for 2015 tax return? i…

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What are lines 15a...

What are lines 15a & 15b on form 1040 for 2015 tax return?

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I did this in TurboTax software. I am placing in line 15a my gross withdrawal for year 2015 from my IRA. The software is labeling Line 15b as "rollover" and showing the net IRA withdrawal for tax year 2015. Is this correct?

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I made a last minute contribution to my IRA to fix where I saw A problem in that my form 1099-R which my investor was trying to make a year end adjustment to make up for my minimum annual withdrawal. However, i did not have access to the money until early January 2016. So I was rolling over an amount equivalent too the difference as instructed by my financial advisor. Earlier this week I got a notice in the mail that I owe the IRS $1006 because my form 1099-R did not match line 16b on form 1040.

Submitted: 11 months ago.Category: Tax
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5/21/2017
Tax Professional: Matthew Breecher, Certified Public Accountant (CPA) replied 11 months ago
Matthew Breecher
Matthew Breecher, Certified Public Accountant (CPA)
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So, line 15a and 15b are for IRA distributions. Normally, one plan will make the distributions directory to another plan so 15a will be the distributions, but 15b will be zero (provided it goes onto a qualified plan). Now this can get a little tricky with timing differences as you mentioned, and where distributions are not made from one qualified plan to another directly.

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Tax Professional: Matthew Breecher, Certified Public Accountant (CPA) replied 11 months ago

Now, if you did not rollover the entire amount; the calculation should be 15a less money not rolled over, which equals 15b. So, maybe there is an input error in the software as, while I don't use TurboTax, my software uses worksheets to gather this information and transposing two numbers might cause it to flow to the 1040 incorrectly.

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Tax Professional: Matthew Breecher, Certified Public Accountant (CPA) replied 11 months ago

No, it appears that it is probably correct in how it was done. 15a is the amount rolled over, the form must have "rollover" printed next to 15b so the IRS now all or some was rolled over, and the difference not rolled over is the net taxable amount.

...

However, I am getting a little confused when you mentioned you did not have access to the money until early January. Can you explain this statement. Was your IRS still under the custody of the plan? This all seems to be a timing difference.

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Tax Professional: Matthew Breecher, Certified Public Accountant (CPA) replied 11 months ago

Now, since the IRS has issues you a letter, first this you need to do is protest the liability as being caused by an error. I am not sure where the error is, as you mentioned your financial advisor advised you on how to complete the form. Now, the 1099 forms are used to report to the IRS, but that does not mean they never contain errors or commissions. And, getting them reissued is sometimes difficult. ...

Remember, the intent of the 1099 is to assist with the audit trail used by all parties to support transactions. But, you can dispute the accuracy of the 1099 with the issuer and request a corrected 1099. That would be best and getting a corrected 1099 makes the rest of the process easy. But, if you do not get a corrected 1099, it does not technically need to be corrected if you can prove your facts to the IRS during the examination or under protest. Now, it sounds like you received a generic letter which should have a date to protest the change and liability. Before sure to file the protest as failure to file the protest prohibits you from introducing additional facts in an appeal. With something this small, I think the letter serves as the 30 day notice; but not positive. I usually deal with corporations which receive a proposed adjustment (IRS FORM 4564) and we always request mediation before the 30 day letter is sent; but still always protest the 30 day letter.

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