1099-R wrong information

Forum|Forum|3 years ago
February 3, 2023
6 replies
24 views

How does the issuing Finacial institution correct a 1099-R when there should not have been one in the first place? It was a fee and not a distribution of $25.00 (an IRA fee).

Mike9241

Level 15

was box 2 left blank? then the simple thing to do is to enter it and since box 2 is blank you will pay no tax on it.

the other thing is to ask the FI to reissue indicating it's void

Mike9241

Les11_2Author

Level 2

No box 2 was not left blank unfortunately. Is voiding a 1099-R common pratice?

Thank you Mike9241

MarilynG

Level 15

So you have a 1099-R with $25 in Box 1 for Gross Distribution and also $25 in Box 2 for Taxable Amount?

If so, the Code in Box 7 of your 1099-R may offer a clue as to why it was issued to you.

Financial Institutions do sometimes need to issue 'Corrected 1099-R's'.

If you believe yours is in error, contact your Financial Institution.

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1099-R wrong information

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