IRA and ROTH reinvested

Forum|Forum|5 years ago
March 23, 2021
1 reply
14 views

How do I get around a 1 and letter J for ROTH and IRA policies cashed in on Feb. 13, 2020 and then reinvested with another company on March 20, 2020 which was within 60 day rule?

Lacerte Tax

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qbteachmt

Level 15

The distribution codes are not wrong. You simply indicate these were rolled over, if that is what happened.

Because you stated "reinvested" and not Rolled Over.

Rolled over means the Traditional IRA funds went into another Traditional IRA account; and Roth went to a Roth.

Is that what happened?

If so, was the Traditional rolled over as Gross? Was there withholding?

Don't yell at us; we're volunteers

C

Craw1Author

Level 3

2 IRA amounts and 4 ROTH were rolled over.. However, client took money with no withholding deducted and within a month had rolled these amounts over to another company. Code for IRA was a 1 and on ROTH cod was a J. How do I get 1099's not to show as income on line 4a of 1040 since money was disbursed but rolled over within 60 day limit.