Ira and 401k

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  • rbynaker
    Senior Member
    • Mar 2019
    • 154
    #16
    Originally posted by New York Enrolled Agent

    Why would this haunt you every year? What's the big deal? Balance on 12/31/xx and 1099-R and done.
    Yeah, the haunting doesn't happen until after the IRA owner dies. Then the beneficiaries are haunted by not knowing that there's basis and paying tax twice on the money.

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      • FEDUKE404
        Senior Member
        • May 2007
        • 3646
        #17
        Originally posted by New York Enrolled Agent

        Why would this haunt you every year? What's the big deal? Balance on 12/31/xx and 1099-R and done.
        Take it easy, bud.

        I can handle it, but getting the necessary information FROM MY CLIENT each year is like pulling teeth.
        It's not as if I don't ask the same question each and every year. . .

        (But, thank you for reminding me about the 12/31/yyyy balance rules. I'll have to make a note of that.)

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