What is the name of your state?
Rhode Island
Back in 2001, I had worked for a large financial services company and had a 401k. Up until this year, I had left the money where it was. In May, they informed me that I needed to get the money out of their plan.
In June/July, I did a direct rollover of these funds into a traditional IRA account. Now, at tax time, I have been waiting for all of my forms to come in. I have received a form from the disbursing institution showing a 100% disbursement of my funds. However, I had NOT received anything from the receiving institution indicating that the money never came to me, but was in fact a direct rollover.
I called the receiving institution, and they said that for IRAs, they do not generate any tax forms until May of the following year (2005).
Questions:
1) Is this information correct?
2) How should I prove on my 1040 that the funds never came to me but instead went as a direct rollover? Is a client statement showing "IRA Rollover dated 6/23/04" suficient? If not, then what?
3) How do I report this on my 1040? I assume I would just make a note of the distribution in the appropriate category and then show $0.00 taxable....correct?
Rhode Island
Back in 2001, I had worked for a large financial services company and had a 401k. Up until this year, I had left the money where it was. In May, they informed me that I needed to get the money out of their plan.
In June/July, I did a direct rollover of these funds into a traditional IRA account. Now, at tax time, I have been waiting for all of my forms to come in. I have received a form from the disbursing institution showing a 100% disbursement of my funds. However, I had NOT received anything from the receiving institution indicating that the money never came to me, but was in fact a direct rollover.
I called the receiving institution, and they said that for IRAs, they do not generate any tax forms until May of the following year (2005).
Questions:
1) Is this information correct?
2) How should I prove on my 1040 that the funds never came to me but instead went as a direct rollover? Is a client statement showing "IRA Rollover dated 6/23/04" suficient? If not, then what?
3) How do I report this on my 1040? I assume I would just make a note of the distribution in the appropriate category and then show $0.00 taxable....correct?