IRA taxation
If someone (over 5912) takes a distribution from their IRA in December 2016 but decides to ignore the 60-day rule in 2017 and simply keep the money, in what year is the money subject to income tax?
If someone (over 5912) takes a distribution from their IRA in December 2016 but decides to ignore the 60-day rule in 2017 and simply keep the money, in what year is the money subject to income tax?
Permalink Submitted by Alan - IRA critic on Mon, 2016-06-06 18:48
The 1099R will be issued in Jan, 2017 for 2016 and the distribution must be reported on the 2016 return.