in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
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I just realized that since 2020 my pension benefits have been rerported as an IRA Distribution on my federal return by mistake. Some how the box labeled IRA/SEP/SIMPLE got checked on my 2020 return and the 1099-R has carried forward like that each year. I caught it while working on my 2023 return. I've removed it and none of my numbers changed, as either way it's fully taxable. I'm well over 59 1/2 so there's no penalty involved related to early distribution of IRA money. Is there any reason I should worry about those 3 years it got reported wrong?
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No effect on your tax liability so I wouldn’t think you would have to amend.
Seems like you should have heard from the IRS because it was on the wrong line each year. They should be sending you letters saying you didn't report it since they didn't see it on the pension line.
The IRS should be able to figure out you put it on the wrong line and leave you alone.
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