IRA withholding


A

Aimee43

I hope someone can help me, I'm having trouble getting a
consistent answer about this question. On 12/19/03 I rolled
over two complete funds from a Traditional to a Roth IRA, I
also elected to have Fed Income tax withheld. In mid-January
2004, I found that our AGI had exceeded the allowable
$100,000 limit so I completed a Recharacterization Form and
on 2/10/04 the funds were rolled back to the Traditional
IRA. I was told that I would have to send a check to the
Trustee of the IRA for the Income Tax withheld so that the
full amount would be rolled back to the Traditional (hope
this is clear so far). Now I'm trying to find out where on
my tax forms I indicate that I have paid, by check the
additional tax money (apprx $2100). My 1099-R shows the
Gross Distribution , the Taxable Amount and the Fed Income
Tax Withheld but this is onlu the info fromt he rollover,
it's the check for the withholding that I sent to the
Trustee recently that I want to record somewhere...I hope
you can make sense of this question and help me
 
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P

Phil Marti

On 12/19/03 I rolled
over two complete funds from a Traditional to a Roth IRA, I
also elected to have Fed Income tax withheld. In mid-January
2004, I found that our AGI had exceeded the allowable
$100,000 limit so I completed a Recharacterization Form and
on 2/10/04 the funds were rolled back to the Traditional
IRA. I was told that I would have to send a check to the
Trustee of the IRA for the Income Tax withheld so that the
full amount would be rolled back to the Traditional (hope
this is clear so far). Now I'm trying to find out where on
my tax forms I indicate that I have paid, by check the
additional tax money (apprx $2100). My 1099-R shows the
Gross Distribution , the Taxable Amount and the Fed Income
Tax Withheld but this is onlu the info fromt he rollover,
it's the check for the withholding that I sent to the
Trustee recently that I want to record somewhere.
You'll reflect that you recharacterized the entire amount of
your conversion on line 15 of the 1040 by showing a zero in
line 15 and attaching a statement, pursuant to the Form 8606
instructions, detailing what happened. The 1099-R
withholding amount is claimed as a credit on line 61.

Phil Marti
Topeka, KS
 

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