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  • I took a distribution of $10,000 from my traditional IRA last year.  At my request, the custodian withheld 10% ($1,000) for federal taxes. 60-days later, I rolled over $7,000. In January of this year, I received a 1099-R for the entire $10,000, showing the withholding of $1,000.

    Is this reporting correct? I thought the 1099-R should show only $3,000, since I rolled over $7,000.


    Answer provided by Appleby Retirement Consulting Inc. Appleby Retirement Consulting Inc provides Consulting, Coaching and Content on IRAs and other retirement plans to Financial, Tax and Legal professionals.

  • An 80 year old individual has funds in a 401(k) account and a traditional IRA. She retired from the employer that sponsors the 401(k) plan as of January 1 of this year.

    She rolled over a portion of her 401(k) balance to her traditional IRA on January 2 of this year, as a direct rollover. This was the first distribution from her 401(k) for the year.
    How does that affect her RMD from her 401(k) account for this year? Can the RMD for the 401(k) be taken from the balance that remains in the 401(k)?