Christine Roberts Posted October 7, 2001 Posted October 7, 2001 IRA holder requests transfer of IRA funds from one investment broker to another. The transfer was intended to be a trustee-to-trustee transfer but was instead was miscoded as a taxable transfer. The IRA holder never received a check or at any time had possession of the funds, however he received a Form 1099 from the investment broker that originally held and transferred the funds. What is the best way, if any, to disclose this error so as not to be required to include the 1099 amount in taxable income for the relevant year?
BPickerCPA Posted October 7, 2001 Posted October 7, 2001 Report the total 1099R amount on line 15a of the form 1040 and put 0 (zero) in line 15b. If questioned by the IRS, show them the statements from the respective brokers. Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
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