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My question is, if I wait to 2002 to deposit the funds into the new Roth IRA, will I take care of this all on this year's return or will it need to be addressed in both years?

You report the whole thing on your 2001 return. The only 1040 reference to the "repayment" part of a rollover is the word "rollover" written on line 15 to show why the amount in 15a isn't included in 15b.

Your new custodian will report the rollover contribution on your 2002 record of contributions, but that doesn't affect your return.

Phil Marti
VITA Volunteer
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