IRS Form 1099-R | Ed Slott and Company, LLC

IRS Form 1099-R

8 Things to Know Before the October 16 Recharacterization Deadline

Did you convert your traditional IRA to a Roth IRA in 2016 and now you are reconsidering that move? Did you make a 2016 traditional IRA contribution and later discover the contribution was not deductible? Did you contribute to a Roth IRA, not knowing that your income was above the limits for eligibility? If you answered, “yes” to any of these questions, there is a deadline rapidly approaching that you will want to know about. That is the October 16, 2017 deadline for recharacterizing 2016 conversions and IRA contributions. Here are 8 things you need to know about recharacterization.

What’s Your IRA Worth?

Many IRA owners invest in assets other than the usual stocks, bonds, cash, and mutual funds. In fact, the tax code allows for IRAs to invest in just about anything out there except for collectibles, life insurance, and S-corporation stock. But when you invest in those “other assets,” what are they really worth?

TIGTA Examines IRS (in)Action on Excess IRA Contributions

A new report from the Treasury Inspector General for Tax Administration (TIGTA) found that IRS hasn't done enough to address the problem of excess IRA contributions. What is an excess IRA contribution and how do you fix it?

Year-of-Death Reporting for Deceased IRA Owners

If you are handling the affairs of an IRA owner who died last year, you need to be on the lookout for certain IRS reports that show IRA activity last year. Joe Cicchinelli walks you through the year-of-death reporting process.

2 Roth Conversion Tax Scenarios: Communication is Key

Good communication with your tax preparer is essential to make sure that your tax return is prepared correctly. Take these 2 Roth conversion tax scenarios as the perfect illustration of the necessity to communicate.

Don't Forget to Report Rollovers to IRS

It's tax season. Every year, many people get lost in the numbers, the deductions, the credits, and the refunds. They forget to report rollovers to the IRS, especially tax-free rollovers. We examine the process, where you should be looking for these numbers and how to report them.

Academy Award Losers Win Big ... But Uncle Sam Wins Even Bigger

It paid to be a loser at this year’s Academy Awards, at least for some. Instead of taking home the golden Oscar, losing nominees in the big categories – best supporting actor, best supporting actress, best actor, best actress and best director – took home some serious swag.

Did You Take an IRA Distribution in 2014? Check Your Mail

Most of us know to check our mail around this time of the year for our copies of IRS Form W-2, Wage and Tax Statement. Our employers have to send us copies of Form W-2 by January 31st of the following year. Because January 31, 2015 was a Saturday, the deadline to send us our 2014 Form W-2 was February 2, 2015. February 2 was also the deadline to receive another key form if you took an IRA distribution in 2014.

Decoding Early IRA Distributions on Your 2014 IRS Form 1099-R

Soon, you’ll be getting a copy of your 2014 IRS Form 1099-R if you took an IRA distribution last year. You will be sent a copy by Monday February 2, 2015. How do you decode your early IRA distributions on this form?

TWO IRA Rollovers From ONE Account in ONE Year: Nothing Good Happens

What happens to your IRA if you accidentally do two rollovers in one year? Nothing good. We explain why below.

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