$2,000 in taxes is withheld from a $10,000 IRA distribution. Therefore, the IRA owner receives only...
$2,000 in taxes is withheld from a $10,000 IRA distribution. Therefore, the IRA owner receives only $8,000. To rollover the full $10,000 IRA distribution, from where does the additional $2,000 come from?
A.
Internal Revenue Service
B.
The financial institution where the new IRA is held.
C.
The financial institution from where the rollover IRA
originated.
D.
IRA owner.
Homework Answers
A. Internal Revenue Services
Rollover of funds from one IRA to another is non-taxable. But if any amount is deducted/taxed then it must be reported to Internal Revenue Services(IRS).
IRS is the agency responsible for the tax collection and enforcement of tax laws. So in case of refunds it is being processed by the IRS.
Add Answer to:
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