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Author: Donna405 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Amending 2010 return Date: 10/2/2012 7:48 PM
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That's what I get for not looking at the forms themselves before e-filing my return through TaxAct. In 2010 I rolled over all of my stocks (no cash) from my SEP-IRA to my qualified Roth, and chose to pay the taxes in 2011 and 2012. While preparing my 2012 return, I note that, apparently though some oversight of my own, I did not re-enter the numbers onto lines 25a and 25b (they were entered onto 20a and 20b). I am actually thinking of going ahead and paying all of the taxes this year, but if I don't, how would I amend 2010 to reflect my intentions. It only makes a difference of about $600 in taxes due, plus penalty, I am sure.

Should I just go ahead and let it stay as it is and pay the all of the taxes this year, since I can afford to do so, negating the necessity of paying estimated taxes for 2012? Or, how difficult would it be to amend the 8606 for 2010? If I chose not to amend 2010, how would I prepare the 8606 for 2011?

Thanks,

Donna (who discovered that someone has already filed taxes in my name for 2011, by calling the IRS regarding the eftps. I have reported to all agencies. This should be interesting. And, I have to file a paper return this year.)
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Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116726 of 121061
Subject: Re: Amending 2010 return Date: 10/2/2012 9:24 PM
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That's what I get for not looking at the forms themselves before e-filing my return through TaxAct. In 2010 I rolled over all of my stocks (no cash) from my SEP-IRA to my qualified Roth, and chose to pay the taxes in 2011 and 2012. While preparing my 2012 return, I note that, apparently though some oversight of my own, I did not re-enter the numbers onto lines 25a and 25b (they were entered onto 20a and 20b). I am actually thinking of going ahead and paying all of the taxes this year, but if I don't, how would I amend 2010 to reflect my intentions. It only makes a difference of about $600 in taxes due, plus penalty, I am sure.
=============================
As to the Roth conversion, you had two choices:
1. Pay it all in 2010, or
2. Paying 1/2 in 2011 and 1/2 in 2012.
Paying it all in 2011 was not a choice.

Bill

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Author: Donna405 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116727 of 121061
Subject: Re: Amending 2010 return Date: 10/2/2012 9:53 PM
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This is what I get for thinking too much. I did NOT make an error in my 2010 return after all. In re-reviewing my 2011 work, I discovered that TaxAct asked two distinctively different questions. One was regarding the CONVERSION and the other asked about a ROLLOVER. Well, I did not rollover; rather I converted.

I am getting money back, due to: low earned-income; over 65, etc.

Life is good.

Donna

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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: 116728 of 121061
Subject: Re: Amending 2010 return Date: 10/2/2012 10:16 PM
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In 2010 I rolled over all of my stocks (no cash) from my SEP-IRA to my qualified Roth, and chose to pay the taxes in 2011 and 2012. While preparing my 2012 return, I note that, apparently though some oversight of my own, I did not re-enter the numbers onto lines 25a and 25b (they were entered onto 20a and 20b). I am actually thinking of going ahead and paying all of the taxes this year, but if I don't, how would I amend 2010 to reflect my intentions. It only makes a difference of about $600 in taxes due, plus penalty, I am sure.

It sounds like you're using a 1040A, a/k/a the bane of my existence, but here's what should be on your 2010 and 2011 returns on the IRA distribution line (line 15 of the civilized 1040, line "n" here):

2010: line n(a): the amount of the conversion, as reflected on the 1099-R. Line n(b): zero. On Form 8606 the box electing to have the conversion taxed in 2010 is not checked.

2011: line n(a): zero. Line n(b): 50% of the conversion amount. No 8606 is required.

Phil
Rule Your Retirement Home Fool

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Author: Donna405 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 116729 of 121061
Subject: Re: Amending 2010 return Date: 10/3/2012 12:21 AM
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Phil, after re-reviewing my return, I do not have a 8606 for 2011. All seems to be in order now. However, as stated before, due to someone's filing a 2011 return in my name (wrong address), I must mail in the return, and God only knows when I will receive my refund. Same for SC. I am hand delivering the fraud affidavit to SC tomorrow, but first I want to check to see if a SC return has been filed for 2011. God knows, I didn't file it.

Donna

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