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Discussion:1099R Code 7 distribution

HI Thank u for your reply to this post and the information.

OK, not a schedule D item.

The IRS has sent her a notice that they intend on 'adjusting her 2006 income' to reflect this ~121K in retirement income resulting from the sale. Accordingly, she needs to file an amended 2006 to reflect this. At this point I do not understand how or where the sale / income is reported, and how to take into acct the cost basis for the instrument. Putting the issue of deducting the los aside for a minute, the primary conceern is that she not end up with a tax liability for this loss-making transaction. Could you please comment.

The fundins at time of purchase was from money she had in a brokerage acct; not from income. I am not sure what other necessary info you were refering to, but would be happy to supply.

Thank you

Your discussion was blank

You started a discussion about two hours ago, titled "Heloc Mortgage interest paid by son," but it had no question, so I've deleted it. That way, if you come back with a question you can just create a new discussion and it won't look old.

Trillium 21:45, 12 May 2009 (CDT)

Small S Corp Accounting referrals  : )

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