1099-R Form question

[chris008]

I recieved a 1099-R form due to a 401k early withdraw. My Federal return with this 1099-R form is negative $3500. Basically I owe the $3500.00 dollars. Can I file this 1099-R form on my next years 2008 tax return instead of this years 2007 tax return?. Any feedback would be really appreciated.

[veritas]

You really

don't want our feedback.

[chris008]

its all right i can take it.

[ecb34691]

You MUST file the proper years forms with the proper tax year. If not, in about 12-18 months you will receive a NICE letter from the IRS requesting additional taxes, penalities and interest. That I don't think you want! Now I'm being gentle, others might have harser words for you.

[veritas]

Your a brave soul

so I'll behave. The answer pure and simple is, you must claim the income in the year you receive it.

[chris008]

understood, thanks for the reply.

[Black Bart]

Nothing personal, Chris.

It's just that this is a board of professional tax preparers and the nature of your somewhat naive question revealed that you are not one. Good luck on your taxes anyway, although we (naturally) think that you'd be better off consulting one of us -- we do a fair amount of rework business for TurboTax and do-it-yourself cases. Clients usually recover quite a bit more than that $39 box cost.

Say boys -- I got one today that goes a step further in this direction. A lady brought her W-2 and her daughter's W-2 to the office; about $5K each. She wanted me to add hers on to the daughter's return to jack up the EIC.

Hmm; sounds reasonable enough to me (after all, she said it was all in the family).

[chris008]

I'm definitely not a Tax professional bt any means. I just happen to google 1099-R forms and this forum came up. You guys already answered my question so I appreciate it. The Thread can be deleted if that's possoble, thanks again.

[BP.]

. . . this is a board of professional tax preparers . . .

And this year the board seems to be attracting quite a lot of single-post DIY'ers (non-tax pro's) than in past years.

[Bees Knees]

There is nothing wrong with non-professionals asking questions on this message board.

The professionals who post on this message board have the option to ignore the question and not post anything.