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Old 03-31-2015, 06:24 PM
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Join Date: Mar 2015
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IRA distributions taces

On March 31st 2014 I made a contribution to the Traditional IRA to be accounted for fiscal year 2013. A few days later I realized I do not get the tax free deposit because I was exceeding the income bracket for it. On April 14th 2014 I moved the funds to the Roth IRA to also realize I do not get tax benefits from that account either. Those fund are accounted as contributions to the Rothe IRA in 2014.Given that I did not get any tax breaks on April 15th 2014 I withdraw the money from the account.
Now I received two 1099-R forms. On the transfer from Traditional to Roth IRA I got the full amount as taxable. On the withdrawal from the Roth IRA I got no taxable amount. My question are
Should I pay taxes on the taxable amount? I hope not since I already did and got no benefits from it
What forms should I fill or what advice I can get to proceed?
Regards,



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