qbteachmt
Level 15
03-30-2023
05:55 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"or anything along those lines?"
You confirmed it was Trad IRA and back into Trad IRA, which then was used to purchase CDs within the Trad IRA account?
"after about a month so"
And Rollover rules were met?
If so, then you took care of it when identifying the amount rolled over.
But I want to remind you: trustee-to-trustee transfer means no withholding required. If your taxpayer client got a check payable to them, and then redeposited it (even when it meets the timelimit requirement), was there withholding? If so, did they put back the Gross (making up the shortfall) or only the Net was the rollover?
It matters when the taxpayer had access to the funds, in other words.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers