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  • How does a spouse beneficiary elect to treat the inherited IRA assets as his/her ‘own’?

  • 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.