Tax Law (Questions About Taxes)/IRA Tax question


I prepare taxes but this has me stumped.  Have a client who has 30 small IRA accounts and he cashed them out last year and rolled them into one account with a money manager.  He received the checks and then deposited them. Trouble is all the 1099's show code 7 distribution instead of code G for rollover.  How do I show this 233,065 as a rollover instead of normal distribution?


you can mark them as a 7 but then roll over.

the funny (ironic?  illegal incorrect) thing is that the payer/custodian should have held 20% if paid directly instead of a direct rollover.

did he really get the paper check (you say cashed out) and then make the deposits?

also, you need to confirm that he made the rollover within 60 days of receipt.  


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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


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