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Author: harbor991 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: 1099R or Not Date: 4/14/2009 2:14 AM
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Hello All,

I am 62 years old, and retired. In early January 2008, by use of a direct rollover, I had my interests in my former employer's 40l-K plan rolled over into a direct rollover account I set up at TD Ameritrade to receive them. A Form 1099 R was issued by the former plan's administrator and I entered the tax free distribution amount shown on line 15a of Form 1040, the notation “rollover” next to Line 15b, and “0” as the amount on line15b. I think I've complied properly with reporting requirements.

My question arises, however, from another transaction with TD Ameritrade around the same time. I also opened a Roth IRA at TD Ameritrade and issued instructions to TDA to fund this newly opened account with a direct transfer of funds from two different mutual funds I've owned for years that were opened as Roth IRA accounts. Each fund sold my share holdings and remitted the cash proceeds to TDA, but I never received Form 1099R's from either former mutual fund.

I have two questions:

1) Should they have furnished 1099R's to me, or was it not required since it was a direct transfer of funds between the two custodial trustees rather than an actual “distribution of funds” ?
2) If the latter is the case, is there any reporting of the Roth account changes required on my part ?

Thank you kindly for your help.

Harbor991
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 105734 of 121114
Subject: Re: 1099R or Not Date: 4/14/2009 4:40 AM
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I am 62 years old, and retired. In early January 2008, by use of a direct rollover, I had my interests in my former employer's 40l-K plan rolled over into a direct rollover account I set up at TD Ameritrade to receive them. A Form 1099 R was issued by the former plan's administrator and I entered the tax free distribution amount shown on line 15a of Form 1040, the notation “rollover” next to Line 15b, and “0” as the amount on line15b. I think I've complied properly with reporting requirements.

Right reporting, wrong line. Since it's coming from an employer plan, it goes on line 16. Line 15 is for distributions from IRAs.

My question arises, however, from another transaction with TD Ameritrade around the same time. I also opened a Roth IRA at TD Ameritrade and issued instructions to TDA to fund this newly opened account with a direct transfer of funds from two different mutual funds I've owned for years that were opened as Roth IRA accounts. Each fund sold my share holdings and remitted the cash proceeds to TDA, but I never received Form 1099R's from either former mutual fund.

I have two questions:

1) Should they have furnished 1099R's to me, or was it not required since it was a direct transfer of funds between the two custodial trustees rather than an actual “distribution of funds” ?


No 1099-R required from the old custodian in a direct transfer, and no reporting requirement for you.

Phil

calling on bridge experience creating "loser on loser" plays to turn two questions into one answer

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Author: harbor991 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 105749 of 121114
Subject: Re: 1099R or Not Date: 4/14/2009 2:59 PM
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Phil, thank you for the reply. Incredibly, after reading your reply, I changed all copies of Form 1040 to lines 16a and 16b entries except for the original Form 1040 which I still mailed to the IRS with the incorrect line 15a and 15b entries. I can't believe I did that!

It is too late to retrieve them now. How should I go about correcting this at this stage?

Thanks,

Harbor991

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 105754 of 121114
Subject: Re: 1099R or Not Date: 4/14/2009 6:40 PM
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I changed all copies of Form 1040 to lines 16a and 16b entries except for the original Form 1040 which I still mailed to the IRS with the incorrect line 15a and 15b entries. I can't believe I did that!

It is too late to retrieve them now. How should I go about correcting this at this stage?


I wouldn't worry about it. Make a note for you file that will jog your memory if they come looking for the missing line 16 entry.

Phil

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Author: harbor991 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 105765 of 121114
Subject: Re: 1099R or Not Date: 4/15/2009 3:05 AM
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Phil,

Thanks again for your help. I can't express enough my appreciation to you and a few others such as yourself on the TMF who tirelessly offer time and effort to help others.

Harbor991

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