Ira Rollover Reporting
August 21st, 2010
Question: Do I have to report 529 contributions on my taxes? What about a rollover?
I opened a very small 529 plan in 2007, and as far as I know, there is no deductibility in my state. Do I still need to report my contribution? I haven’t received any tax forms from the investment company.
Also, how about a rollover from a 401k to a traditional IRA? I later converted it to a Roth and have already reported that action. I understand that the 401k-to-traditional-IRA rollover is not taxable but am not sure whether I need to report it. Also missing those tax forms…
Thank you.
Answer: You only have to report the contribution to the 529 plan if you put more than $12K into it. Then you would use the gift tax form 709. (This assumes the 529 plan is for someone else.)
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