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1099R Pension rollover
I rolled over my pension 401K to a traditional IRA when I retired at the beginning of 2020. I received a 1099R from my ex-employer showing in box 7 with a code G that I rolled this entire amount over. Due to unfortunate circumstances toward the end of the year I had to withdrawal the entire account. It looks like it is adding the distribution and the pension (which are the same money) twice as total income. So, as example: Last year let say 2019 was $ 69,500, it now says this year 2020 is $269,500 (using $100,00 as a base for the distribution and what should be the pension payout). Wouldn't reporting income only be $169,500? Hope I explained this clearly.
March 31, 2021
12:43 PM