Indirect Rollover info
I lost my job back in march and my fidelity account was closed and i received my distribution less the 20% withheld. What my question is that i rolled over the full amount that i received plus the 20% into a new IRA. I just want to know how this is tracked, as far as the date the rollover was completed, what i need to have when i file my taxes to get my 20% back from the rollover. any help putting me in the right direction would be great
Permalink Submitted by Jose Morales on Tue, 2013-10-22 15:56
You don’t really need anything, as the rollover will be reported on a 5498, which may not be issued until May of next year (after your tax filing due date obviously). You will simply report your total distribution amount from the fidelity account then report 0 as taxable if it was the only distribution/rollover you completed this year. Some people write “rollover” or “RO” next to the line in which you report the taxable portion of the distribution to signify that a rollover occurred. The withholding will be reported on your tax form along with all other withholding. Any amount of tax that you overpaid will be returned to you in the form of a refund from the IRS. If you absolutely feel the need to attach something to your tax form, you should receive a year end statement in January that will show the rollover amount, which should match the total distribution amount on the 1099-R that Fidelity will send you.