help
help.I withdrew my ira from one bank to put in another bank.distribution slip came in the mail .I think the bank put it thru as a distribution instead of rollover,I did put in another bank within days so the 60 day rule was ok.
do i go to the first bank for help or the second for correction?Or will need to writethe irs? Thanks so much,Barbe
Permalink Submitted by Alan Spross on Mon, 2008-01-21 04:40
As long as you rolled over the distribution within 60 days, all you have to do is report it as a rollover on line 15 of Form 1040.
If any tax withholding was taken out, you would have to add the amount to your rollover deposit to make the rollover complete. Another potential problem is that you are only allowed one rollover per IRA account over a 12 month period, so hopefully you had not used up your permitted rollover within the 12 month period prior to completing the recent rollover.