If a client converts and receives IRA money in 2010, won't the IRS expect to see that amount on the 2010 return? How are they notified that the client elected to report on 2011 & 2012 return?
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I expect that it will be on the "honor" system, subject to change in an audit if not reported corrrectly. Much like the current system involving 1099-R wthdrawals when all or part is rolled into a new plan within 60 days."The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith -
If I remember correctly, the last time this situation came up there was a "checkoff" on the return to indicate how and when the money was to be paid.Last edited by BOB W; 12-06-2009, 07:29 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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