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Retirement tax questions
So it seems that your tax return reports IRA distribution(s) totaling $33,669, of which you indicated you rolled over $17,426, leaving $17,243 as taxable. As long as your RMD from your IRAs was $17,243 or less (and assuming the distribution(s) were not from an inherited IRA to a non-spouse beneficiary; the code 7 indicates it was not from an inherited IRA), your tax return seems to report the correct taxable amount.
Assuming that the rollover was to an IRA, do you have a Form 5498 that reports receipt of the rollover contribution? If the rollover was to a qualified retirement plan like a 401(k), receipt of the rollover is not reported to the IRS by the receiving plan and the IRS sometimes questions these so-called "reverse rollovers."
‎December 11, 2023
11:56 AM