@ExcessTurbo wrote:
1099R
Box 1 =$1,740.87
Box 2a = $1,740.87
Box 3 = $382.9
Box 14 = $156.68
My bank received $1,201.20 in January.
In August I wrote a check for $1,740.87 and sent it to the IRA custodian (That I refer to as Brokerage in my previous comments) .
My January statement shows a shows distribution in January of $1,740.87.
My August statement shows a contribution of $1,740.87.
All the withholding is back in the IRA account.
Line 25b should not be modified by this 1099R
Wrong - you fail to understand withholding. (And I think you meant box 4 - not box 3.)
The "government" has the box 4 withholding - you replaced it with other funds in the rollover so now you get that withholding *back*. You rolled back the box 1 distribution amount and *replaced* the withholding with other money so you get what was withheld back.
When you received the distribution, you did not get $1,704, you got about $1,201 after the $540 withholding.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
