1099 R--Do I need to report?

Forum|Forum|2 years ago
February 12, 2024
3 replies
14 views

I have a 1099 R that has a Gross amount for Box 1, but Box 2, which is the taxable amount, says Zero. Do I still need to report this on my taxes? Also, can I still use the free version if I have to report?

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Best answer by dmertz

You are required to enter the form even though it represents nontaxable income.

Mike9241

Level 15

be aware that many companies leave box two blank or zero because they know nothing its about tax basis. this is especially true if box 2b is checked. perhaps contact the issuer or provide us with more information like the source of the distribution.

Mike9241

LeeLee7069Author

Level 3

No money was withdrawn from the retirement account, but no longer employed with that company. Box 2 has 2 places that can be checked & the box that is checked says "Total Distribution". The other box that is not checked says "Taxable amount not determined". Any thoughts?

JamesG1

Level 15

Is there an amount in 5 or 9b that reports that there were contributions to the account?

@LeeLee7069

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dmertzAnswer

Level 15

You are required to enter the form even though it represents nontaxable income.

dmertz

Level 15

Expert Reviewed

You are required to enter the Form 1099-R into TurboTax even though the taxable amount might be zero.

Carl

Level 11

Bottom line is, if you are issued a 1099-R you are required to report it. Period. Now with a "G" in box 7, it's just a rollover and nothing will be taxed or penalized. But you are still required to report it none-the-less.

Critter-3

Level 15

FAILURE to enter in ALL 1099-R forms will result in you getting an IRS letter in a couple of years where you will need to explain why you left it off the return in the first place SOOOO just put it on now and save yourself the hassle latter.