After receiving my 1099-R for a pension that I receive a monthly check, I filed my 1040. I ended up getting a small refund. Unfortunately I soon received an email stating my 1099-R had errors from my pension administrator. The errors were that both boxes (Taxable amount not determined and Total distribution) in Section 2b were checked and neither should have been. They added that the correct information had been reported to the IRS, and the new 1099-R I would receive would not be considered a corrected 1099-R for tax purposes. I redid a 1040 with the right 1099-R information to see its impact, and my refund remained the same. My question is should I refile my 1040 with the "corrected" 1099-R information. Not an expert, but I believe the IRS checks the information on a 1040 with the 1099-R they have and corrects errors. However, I am also not sure the IRS received the corrected information on time to do this correction. I submitted my 1040 on 2/1/24 and received the error email on 2/7/24 from my pension administrator saying the 1099-R corrections were submitted to the IRS. Not sure that they submitted the corrections on the 7th or before that, so not sure if I should refile. The process to refile seems prety straitforward in TurboTax
Thanks in advance for any help received.
You should keep the "corrected" form 1009-R in your tax records.
As the correction didn't change your tax liability, you don't need to file an amended return.
I was concerned as the pension adminisyeator said not to file with the original after I did. They added if you did file, you should consult with a financial advisor as they cannot provide any tax advice. I am also wondering if I should just file an amended tax form and hopefully I not get another refund
I was concerned as the pension administrator said not to file with the original after I did. They added if you did file, you should consult with a financial advisor as they cannot provide any tax advice. I am also wondering if I should just file an amended tax form and hopefully I not get another refund
The original forms should not have had both boxes marked but the corrected ones have been sent to the IRS so they can see that the numbers on your tax return match what is correct.
The IRS issued a statement that they generally do not want any amended tax returns without a change in liability. They are backed up from COVID and don't want extra forms that don't affect your tax burden.
If you want to know for your peace of mind from the IRS, you can! The IRS has a quick quiz to determine Should I file an amended return?