US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.

KodiakRS: Jul 11, 2012

I have an IRA from my previous employer that was transferred from one bank to another when the first one resigned as a trustee. From what I understand I'm supposed to get a 1099-R from the first bank. They're saying that since it was a transfer directly from one IRA to another IRA they don't have to generate a 1099 because there was no reportable income. They did say they'll be sending me a 5498 showing that it was a rollover and not a distribution but not until May. Is it common to not receive a 1099 in a situation like this? More importantly, since there's no tax implication am I good to file my taxes without it or do I absolutely need to include the 1099?

Edit: After some research I found this:

https://www.massmutual.com/mmfg/pdf/1099faq.pdf posted:

Will I receive a Form 1099-R for a direct rollover or for a trustee-to-trustee transfer of taxqualified assets?
A direct rollover, which is the direct payment of an eligible rollover distribution to a traditional
IRA or other eligible tax-qualified plan, must be reported on Form 1099-R. A trustee-to-trustee
transfer involving no payment or distribution to the participant, which includes a trustee-totrustee transfer from one IRA to another IRA or from one 403(b) plan to another 403(b) plan, is
generally not reported on Form 1099-R.

I guess since my 401k had already been transferred to the first trustee a few years ago this counts as a trustee-to-trustee transfer and I won't be getting a 1099.

KodiakRS fucked around with this message at 21:05 on Feb 6, 2019

# ¿ Feb 6, 2019 20:44

Adbot: ADBOT LOVES YOU

# ¿ May 12, 2024 09:41

KodiakRS: Jul 11, 2012

I get to pay estimated state (AZ) taxes for 2021. :toot:

I'm just barely over the threshold that requires me to pay them so they're tiny payments and I would rather just pay them all at once. Do I actually have to wait for the correct quarter to make those payments or can I just pay them early?

empty whippet box posted:

IRS website says 3 weeks to get your return after filing - it's been two, so I'm not surprised it's not in yet, but anyone filed in the last month get theirs yet? Just wondering if it'll be slower than usual due to backlog or what.

I e-filed on the 20th. My refund direct deposited into my bank account on the 29th. I'm not sure how much this matters but my tax situation is pretty simple.

# ¿ Mar 31, 2021 22:39

KodiakRS: Jul 11, 2012

I currently live and pay taxes in AZ but I am planning on moving roughly halfway through this year. Thanks to my high AGI I get to make quarterly estimated tax payments this year. Should I:

A. Pay the estimated quarterly amounts until the end of the year and then get the money back as over payment on my 2024 taxes?
B. Pay the first two estimated quarterly amounts and then stop if I actually go through with the move this May?
C. Pay half the estimated quarterly amounts all 4 quarters so that the total amount of estimated taxes paid is correct for the portion of my AGI that gets earned in AZ?

# ¿ Feb 29, 2024 10:36

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > US Income Tax Thread: Bank error in your favor! GO DIRECTLY TO JAIL.