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Les11_2
Level 2
February 3, 2023
Question

1099-R wrong information

  • February 3, 2023
  • 1 reply
  • 2 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).

    1 reply

    Mike9241
    Level 15
    Mike9241Level 15
    Level 15
    February 3, 2023

    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
    L
    Les11_2Author
    Level 2
    February 3, 2023

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

    Thank you Mike9241

    MarilynG
    MarilynG
    Level 15
    February 3, 2023

    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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