Rollover IRAs

What is the name of your state? Maryland

This past tax year I was required by my former employer to rollover my profit -sharing plan to an IRA. I cashed out the PSP, however did not complete the rollover until after the new year. I recieved a check, but did nothing with it.

After the new year I received a 1099R from my former employer indicating the amount that was taken out of the PSP. Is this reportable?


Thanks

You must report it as a distribution. If you completed the rollover within 60 days of receiving the check, you can reduce the taxable amount by the amount rolled over. Write ROLLOVER on the line to explain why the amount distributed exceeds the amount that's taxable. If you didn't complete the rollover in 60 days, you have to pay taxes on everything AND you may have to pay taxes for excess contributions to your IRA.