IRS

IRA Subject to IRS Levy?

Wednesday, October 13, 2010
Can an IRA be levied by IRS?The bad news is that, yes, it can be subject to an IRS levy. The good news is that such a levy will not be subject to the 10% early distribution penalty if you are under age 59 ½ at the time of the levy. The amount taken by IRS will be reported as a distribution to you and you will owe income tax on the amount taken by IRS.
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Recharacterization Tax Reporting

Wednesday, April 28, 2010
So you did your recharacterization from the Roth IRA back to the traditional IRA and now you are wondering how you put this on your tax return so you don’t have to pay tax on the conversion.You can find some guidance from IRS on the instructions for Form 8606 - which in most cases you don’t have to file when you do a recharacterization. You can find these instructions at www.irs.gov.
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