Printable Form Instruction 1099-R & 5498 Jersey City New Jersey 2024-2025

Printable Form Instruction 1099-R & 5498 Jersey City New Jersey: What You Should Know

A conversion can be executed during a tax year on a traditional IRA and/or a 401(k) plan. The following instructions explain the tax consequences of a conversion. If you plan to convert your traditional IRA to a Roth IRA, you can use your traditional IRA to make the contribution, unless you have already made a contribution to an eligible retirement plan. If you contribute to an eligible retirement plan but do not include information on this contribution to Form 1040-R, Form 1047 or Form 5498, be sure to include the information on Form 1099-R, in case Form 1040-R is converted to Form 7269. If you contribute to an elective deferrals plan or other employee benefit plan, you must include a separate statement on Form 1099-R that you intend to convert your traditional IRA. If you want to include the information on a single Form 1099-R, you must file Form W-8 with the plan showing each distribution of qualified contributions. A. After you make a conversion in 2015, you must make an IRA contribution or withhold income tax on the conversion amount if either of two exceptions applies, for example any amount contributed after January 1, 2016. B. There is a requirement to rollover excess amounts in excess of 10% of the conversion amount. For the conversion of an IRA to a Roth IRA, excess amounts contributed above the 5,000 thresholds are subject to income tax withholding. If the conversion does not qualify for an exception to rollover amounts, you should consult with a qualified tax professional to determine whether you have an excess contribution amount. The conversion to a Roth IRA, which you may have if you received a Form 5498-A with the required information, may result in an immediate rollover of up to 100,000 to your traditional IRA. If you are required to report the conversion on a Form 1099-R, you must include the following: If you paid a distribution (excluding distributions to which the rules for IRA rollovers apply) to an eligible retirement plan or the portion of a distribution from an eligible retirement plan in 2015, you must include information about the distribution on your Schedule D (Form 1040) and Schedule E (Form 1040), or on Form 1099-R, if required to do so.

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