IRA rollover question
Anyway, Schwab sends me a 1099 form for my taxes. Vanguard will send me the 5498 form in April saying I did the rolloever within the 60 day window. So what do I do on my taxes? I won't get the Vanguard form before I file. Will the IRS think I just took my Schwab money? How would I prove that I rolled it over--does the IRS take my word for it? No, I don't use an accountant. I use Turbo Tax. |
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| paula, great timing, i was pming philly accountants. yes, the irs does take your word for it. by the time they check it much later(up to a year) they'll have vanguards 5498.   |
| I know there's a space on the 1040 to put in an IRA distribution but is there a space to put in "I put the money into another IRA?" Or do I leave the IRA distribution box blank? |
| yes, on the front page of 1040, there is a line 15a that says IRA distributions, and then when it asks 'taxable amount' you enter -0- on line 15b |
| http://www.youtube.com/watch?v=Oyu5sFzW ... re=related i had to do it. lol |
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