Find solution
I.R.A. ACCOUNT need more infromation?

I have 2 IRA account, 1 is traditonal and the other is ROLLOVER from 401k plan. I need to know witch form?

  • and witch line to file the RMD $$ from the ROLLOVER IRA account . On form 1099-R box 7 the code is " 7 ". I am ok to file the RMD $$ from traditional IIRA account on form 8606. Now need help for the RMD $$ I received from ROLLOVER IRA account. Thank you so much. Those 2 IRAs are in seperated institution.

  • Answer:

    The rollover IRA is pretax just like a traditional one. Your distribution will be shown on the 1040, not on an 8606. Same for the traditional IRA unless some of it was funded with non-deductible contributions.

LC at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

The IRS does not care which account you choose to take your required minimum distribution from...They just want to make sure you take it- so they can tax you on it (or penalize you if you don't!).

Always put all distributions on the front page of the 1040. The form 8606 is used to determine whether a contribution is deductible or not. Very specifically doesn't include rollovers. And distributions for RMD purposes are not rollover eligible. From what you've said you're only looking at the RMD's and not contributions so the 8606 isn't needed. Add the two distributions together and put them on the front page of the 1040.

digdowndeepnseattle

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.