1099R ( help in filing )

[Guest bobkat]

i had a roth ira excess contribution for tax year 2000 that i corrected by having the trustee remove the excess along with any earnings and apply it towards a tax year 2001 roth contribution. this was all completed and included on my tax year 2000 filing. the trustee transfer was done in february of 2001. i received the 1099R that states the exact amount that was distributed for tax year 2001, however,it has a code J8 assigned to it so i'm a little confused as to what to do with the 1099R and it's filing. i thought that it was taxable in year 2000, even though the distribution was made in year 2001. i feel that the reasoning for the J8 distribution code is because the distribution was made in year 2001. since i already included the distribution in tax year 2000 filing ( which was the year that the excess contribution was made ), do i do nothing with the 1099R or do i need to include it also in tax year 2001 since that was the year that the distribution was made ? if anyone can help, i beg you to please o please help this tired and weary soul. thanks, bob edwards

[Appleby]

The ‘8’ in box 7 denotes the year in which the earnings is taxable- which is the year the contribution was made to the IRA. For a contribution that was made in 2000 and removed in 2001, the code should have been ‘P’, which denotes previous year.

You need to contact the IRA custodian and demand that they issue a corrected form 1099-R. No amendment to your income tax return is necessary.

[Guest bobkat]

APPLEBY, my sincere thanks. the more i read about excess contributions the more i thought that the wrong distribution code was applied. between you and BPICKERcpa who helped me in 2000, i owe big time. now if my administrator will be as helpful and as knowledgeable as you guys it will really make this years tax filing easy. thanks again.

regards,

bob edwards