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Reasons to File Your Tax Return Now...or Later

Thursday, February 09, 2012  No comments

"Why should I file my tax return now if I have until April 17th?"
"Should I just e-file now and get it over with?"

Those are two common questions when it comes to sitting down and hitting "submit" on your tax return. It is a painful, but necessary process that could have a financial reward (i.e. tax refund) at the end.

Ed Slott and Company IRA Technical Consultant Jeffrey Levine talks you through your options and provides examples of why you should file your tax return now...or wait until later (perhaps even filing an extension).



By Jeffrey Levine and Jared Trexler
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*Copyright 2012 Ed Slott and Company, LLC

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Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to [email protected]

Q:
I transferred a stock from my IRA to my regular (non IRA account) and then transferred the exact same number of shares of the same stock back into my IRA within 60 days. However, the value of those shares was $10,000 higher.

Do I have a problem because I put more money into the IRA even though I transferred the same number of shares?

Thanks
Mark

A:
There is no problem. Your distribution of property (shares of stock) from your IRA qualifies to be rolled over tax-free within 60 days only if the identical stock is rolled over to a receiving IRA. It is common for the value of stock to change during the 60-day window. That’s OK and still qualifies as a tax-free rollover. When your tax return is filed for the year, your tax preparer may want to attach a note to explain the different values.

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