Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
My son completed his taxes for the calendar years 2011 & 2012 using TaxAct. However, he failed to include the 1099R details for these 2 years. 2011 1099R reflected a ROTH IRA(Mutual Fund) $1080 distribution & $108 federal tax witheld. 2012 1099R reflected a ROTH IRA $2300 distribution & $230 federal tax witheld. These were early distributions taken within 5 years of opening his ROTH IRA in 8/2008.

Regrettably, during 2011 & 2012, son got into a financial bind, so borrowed from his ROTH. He did not disclose this information to me at the time of its actual occurrence. Upon his moving-back into our house, he did fully disclose his premature borrowing from ROTH, but I was not aware that he did not include the 1099R details until NOW.

Thus, I'm working with son to complete a 1040X for these respective years. Before doing the 1040X, I completed a correct 1040A form for 2011 & 2012 with 1099R data via TaxAct; to better help me prepare each 1040X. In spite of honestly answering the TaxAct questions for 2011 & 2012, part III of form 8606 for both 2011 & 2012 still reflects ZERO taxable amount!

We must be overlooking some detail or doing something wrong. Any input or suggestions welcome. Does this warrant a visit to the local IRS office, do they provide assistance with these completions?

troubled Apache
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.