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Author: gklorick Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121179  
Subject: 1099-R Confusion!!! Date: 1/27/1999 8:30 AM
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In March 98, I converted all my mutual funds traditional IRAs to Roth ($10,974.67). In December I recharacterized one poorly performing mutual fund account back to a traditional IRA and one week later reconverted back to a Roth (capitalizing on the tax break loophole, new converted total should be $9,822.64). I just received two 1099-R forms from my mutual fund company and I'm totally confused! First 1099-R indicates a gross distribution and taxable amount of $17,525.30 with a distribution code of 2. Second 1099-R indicates a gross distribution of $6,519.99 with a taxable amount of 0. Distribution code of G. What figures should I use on lines 15 and 16 on 1040 form and which figures on my 8606. I have a non-ded IRA basis of $6925.00 for 97 and earlier years with $400. non-ded contribution for 98.

My calculations are that I should only have $2497.64 of taxable income to include on line 15b of 1040. My turbo tax is giving me something completely different. Thanks you any assistance you can provide.

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