Jump to content

Recommended Posts

Posted

I cannot find a simple straightforward explanation of how someone reports a 60 day rollover on their 1040.

I know it has something to do with 16a and 16b, but is there another form?  Do they simply enter $15,000 on 16a (assuming that is the gross amount of the distribution) and $0 on 16b?  Is it just that easy?

Austin Powers, CPA, QPA, ERPA

Posted

Methinks it is just that easy. The amount from the 1099 is entered on 16a. Then 16b is zero. I haven't looked at a 2017 1040, but on the 2016, you were supposed to write "rollover" next to line 16b.

Posted

P.S. - from the DRAFT 2017 1040 instructions:

Enter on line 16a the distribution

from Form 1099-R, box 1. From this

amount, subtract any contributions (usually

shown in box 5) that were taxable to

you when made. From that result, subtract

the amount of the rollover. Enter

the remaining amount on line 16b. If the

remaining amount is zero and you have

no other distribution to report on

line 16b, enter -0- on line 16b. Also, enter

"Rollover" next to line 16b.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

Terms of Use