Rollover of a Employee Stock Ownership Plan

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I received both a 1099-B and a 1099-R because we rolled the total amount over to a Traditional IRA whn I enter the 1099-R it appears to be a wash with Taxes but when I enter the 1099-B it wants to tax me even though it was rolled over. Can I omit the 1099-B or how do I resolve this?

JohnB5677

Alumni - Intuit

If you originally had a retirement account that generated the 1099-R, and you took that same account and transferred it to another retirement account there should not be any tax.

I do not understand why you got a 1099-B. Any stock holdings you had in the original retirement account should have been liquidated prior to taking them out of the account. Can you help me to understand where the securities listed on the 1099-B come from?

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PortDawgAuthor

Level 2

Only a portion of the ESOP was rolled over to a Traditional IRA and both the 1099-B and 1099-R came from the same company (and they both have the same data dlloar wise) that is what has me totally confused. When I enter the 1099-R it reacts just like it should in Turbo Tax it shows a wash but then when I try and add the 1099 B it wants to tax me which is why I think it should be left out

ThomasM125

Alumni - Intuit

You should not have received a form 1099-B reporting the sale of stocks that are held in a retirement account. Is it possible that you transferred the retirement account investments to a non-retirement account and then had stock sale transactions from the non-retirement account?

Clearly, you should not report the income twice, but if the 1099-B statement duplicates the information reported on the 1099-R statement, you should request the 1099-B be amended by the company that issued it to reflect that.

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