Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- 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?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
gshaw
Level 1
04-06-2022
07:07 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
$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?
Labels
2 Comments 2
TaxGuyBill
Level 15
04-06-2022
09:01 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"$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.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
