1099R error
Hi, I had 3 questions:
a. I’m not at retirement age and couldn’t track back when I first established ROTH IRA acct, but I rolled it over to other broker on Jan 2004.
In July 2009, I withdrew money and redeposited it back to the same account in 3 weeks.
To be able to claim as Qualified distribution from ROTH IRA, I can only withdraw money after 5 year of the intital account setup? So I’m safe?
When working on Turbo Tax, I got error below when filling out 1099R.
b. I had a ROTH IRA rollover and answered the 1st question below as “YES”,
“Did you rolled over the entire distribution of $… to another ROTH IRA “
next question:
“Was this a rollover to a ROTH IRA? “ I also clicked “YES” , then I got an error : there’s a red check mark on this line:
” If box 7 code is B or G, check if rolled over into a ROTH IRA ”
but the code I entered is “J ” .
This error may have caused by I clicked “YES “ to the 2nd question:
“ Was this a rollover to a ROTH IRA? “
am I not supposed to say YES? I had to click “NO ” to this question to remove that error.
c. There is a black check mark on this line:
“ If box 7 code is 2 or 5, check if this distribution is from a ROTH IRA? “
again, the code I entered is “J ” , neither 2 nor 5.
Although this check mark did not incur any error, but it’s incorrect according to my 1099R. How do I remove that check mark?
Thank you.
Permalink Submitted by Anonymous (not verified) on Thu, 2010-02-18 23:40
I did a quick simulation on my TurboTax 2008 version. Try to run the the audit or check for errors function at the end. It make give you an option to uncheck something and then it is fixed. The end result should be the word “Rollover” on the left hand side of line 15. 15a has your rollover amount; 15b will be 0.
pko
Permalink Submitted by veno jones on Fri, 2010-02-19 01:22
Thanks, but I couldn’t remove black check mark on this line:
“ If box 7 code is 2 or 5, check if this distribution is from a ROTH IRA” since it’s not an error. But it causes discrepancy according to my 1099R.
Permalink Submitted by Alan Spross on Fri, 2010-02-19 05:21
The end result should be as pko indicated.
To get there, you might try going back to the very beginning and starting over. Some of the questions seem to apply to distributions from a qualified plan rather than a Roth IRA. Check that out to see if you can get to the area that is clearly for Roth IRA Distributions. Then it may ask about the J code. In any event that code is immaterial because you rolled over the distribution within 60 days. Let us know if that helps or not.
Permalink Submitted by veno jones on Sat, 2010-02-20 03:10
I tried again but saw no other alternative to do differently for ROTH IRA , so the black check mark remains on 1099R form, no way of removing it. The end result is as you said, Thanks for help.