Permalink Submitted by Clyde Wolf on Tue, 2009-04-07 21:01
Anne.schulze,
You report the distribution in the year it occurred: Taking the cash in 2008 is reported on line 15a of your 1040 for 2008.
Make a note by line 15, “Rollover”.
Your new IRA custodain will report the Rollover amount on form 5498 sending you and the IRS a copy. That happens in late May. The IRS will match the 5498 with your 1040 line 15.
Permalink Submitted by Clyde Wolf on Tue, 2009-04-07 21:01
Anne.schulze,
You report the distribution in the year it occurred: Taking the cash in 2008 is reported on line 15a of your 1040 for 2008.
Make a note by line 15, “Rollover”.
Your new IRA custodain will report the Rollover amount on form 5498 sending you and the IRS a copy. That happens in late May. The IRS will match the 5498 with your 1040 line 15.
Best to use trustee to trustee transfer.