austin3515 Posted December 6, 2017 Posted December 6, 2017 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
Belgarath Posted December 6, 2017 Posted December 6, 2017 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.
Belgarath Posted December 6, 2017 Posted December 6, 2017 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.
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