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If i take money from my IRA and roll over to a Roth IRA how do I claim that on taxes and which form do it use?

  • I took $8000 out of my IRA had the check send to me within 60 days I opened a Roth IRA rolled the money from the IRA into the Roth IRA. Now which financial institution's send me a 1099R form and how do I claim this on my taxes. I received a 1099 form from the IRA institution I took the money from and a 1099 form from the Credit union where I opened up the Roth IRA both showed $8000 which form do I use. I only have to pay on the 8000.00 why did they both send me a 1099r form? How do I put this on my tax form.?

  • Answer:

    you could have converted your reg to a Roth and paid the taxes, and your 1099R would have reported it as such either way you are paying taxes on the $8000

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Other answers

On line 15A, full amount. 15B, full amount. "Rollover" to avoid penalty. By the way the second form was a 5498, not a 1099-R.

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