OK for the code.
I talked to an accountant today and to the IRS. Both said I shouldn't be making a fake or substitute 1099-R. The problem is
- I need to report the earnings on excess contributions to a Roth IRA made in 2021 on my 2021 return.
- IRS said these earnings need to be reported on lines 4a and 4b.
- The real 1099-R won't come until Jan of 2023.
- The only way I could get Turbo Tax to put the earnings in the right place was to make a "fake" 1099-R and mark the IRA/SEP/Simple box and put code 8 in Box 7.
Questions:
- When I e-file, will the 1099-R's be sent to the IRS?
- Will only 1099-R's with federal tax withholdling be sent to IRS?
- Is there any other way to get earnings on excess contributions to Roth IRA to go into the correct place on Form 1040 (lines 4a and 4b)?
- If not, do I make a regular 1099-R or a substitute 1099-R?
Turbo Tax needs to find a better way for filers to report this info without resorting to making up 1099-R's.
