Self Directed Ira Rules Irs

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Ira Rules Irs

October 10th, 2007

Question: Where can I e-file if the IRS has a glitch and rejects all returns with error code 0448?

If anyone else has had a rejected return i figured this info might help. This is not the tax sites error. . this is global for many of the companies like TaxBrain, TT, TaxAct, and most others. Here is the IRS notice:

Subject: Individual Filers- Error Reject Code 0448 Auto forwarded by a Rule

ATTN: Software Developers, Return Transmitters and Authorized IRS e-file
Providers/EROs:
We are experiencing a problem with Error Reject Code 0448 rejecting returns in error. The problem is being researched. When the problem has been corrected, we will issue another Quick Alert. Error Reject Code 0448 reads:
Form 1040/1040A – If taxpayer age is 70 1/2 at the end of tax year and IRA Deduction of Form 1040 (SEQ 0700) and Form 1040A (SEQ 0626) is significant, taxpayer cannot deduct any contributions to traditional IRA or treat them as nondeductible contributions for they are ineligible for IRA Deduction.

Answer: Give it time, they will have the glitch fixed soon, if not already… There are too many millions of taxpayers that E-file for the system to stay down long….

Buying Real Estate Within Your IRA or 401K in Cleveland market