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- Taxpayer is 82 yrs old. mistakenly ACH'd $4K from her bank to her IRA instead of inv acct w fidelity. 1099R Box 8 received....proconnect treating as a taxable event?
Taxpayer is 82 yrs old. mistakenly ACH'd $4K from her bank to her IRA instead of inv acct w fidelity. 1099R Box 8 received....proconnect treating as a taxable event?
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gshaw
Level 1
04-06-2022
07:07 AM
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$4k was not in IRA for more 4 days before it was removed and transferred to investment account. How do I identify this on proconnect as a non-taxable distribution?
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2 Comments 2
TaxGuyBill
Level 15
04-06-2022
09:01 AM
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The taxpayer can try to convince the IRA custodian to reissue the 1099-R as a withdrawal of excess contributions.
Otherwise, she make a contribution to an IRA and withdrew it and there isn't anything you can do to change that on the tax return.
qbteachmt
Level 15
04-06-2022
12:50 PM
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"$4K from her bank to her IRA"
If she did in in the same tax year and nearly immediately (no earnings), it's as if it never happened. That would make it a corrective distribution.
"Box 8"
That's Box 7 Code 8.
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