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Author: 16bobby Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: ira roll overs Date: 4/1/2002 12:07 PM
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Hi fools,
In 2001 I removed my IRA money from one mutual fund and put it into a fidelity account within the required 60 days for rollover accounts. IN January I received a 1099 from the company my orginal IRA was in.

Would someone please tell me how I am to report this rollover on my present 1040 tax forms so I don't have to pay any taxes on it? I just can't seem to find difinative information on this topic.
Thanks a bunch FELLOW FOOLS.
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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 59957 of 121219
Subject: Re: ira roll overs Date: 4/1/2002 12:35 PM
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Lines 16a and 16b of the 1040. The amount on line 16a is the total amount of the rollover. Line 16b is the taxable amount. The full amount was transferred with the required time therefore the taxable amount would be zero.

A 1040 is required. Rollovers can not be reported on 1040A or 1040EZ.

Debra

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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 59965 of 121219
Subject: Re: ira roll overs Date: 4/1/2002 9:18 PM
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In 2001 I removed my IRA money from one mutual fund and put it into a fidelity account within the required 60 days for rollover accounts. IN January I received a 1099 from the company my orginal IRA was in.

Would someone please tell me how I am to report this rollover on my present 1040 tax forms so I don't have to pay any taxes on it?


Report it on line 15 (not 16, as previously stated) of Form 1040. See the instructions for the notation.

Phil Marti

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 59966 of 121219
Subject: Re: ira roll overs Date: 4/1/2002 11:58 PM
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Phil Marti,

Thank you for the correction.

Debra

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Author: 16bobby Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 59967 of 121219
Subject: Re: ira roll overs Date: 4/2/2002 9:42 AM
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Thanks Phil and Debra.

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