Yes, I did take a distribution. 66K with 13K taken out of that in taxes, roughly.
I was issued both a 1099-R and a 1099-B.
The 1099-R shows reporting of the distribution and the 1099-B shows both amounts.
The 1099-R is titled *COMPANY NAME* and "ESOP Allocation; "Distributions from Pension, Annuities, Retirement/Profit Sharing Plans, IRAs, etc."
The 1099-B is titled "Proceeds from Broker and Barter Exchange Transactions"
The funds were not rolled over into any other retirement account. So I am expecting a penalty. I would like to avoid a fine for not filing it correctly.
This is a reply (exact quote) from our trustee via my company point of contact about the issue.
"In 2022, the company exercised the put option. So the 1099-R showed the stock distribution from the trust and the 1099-B showed the put of the shares back to the company. His accountant will be able to help him file his tax return correctly and both need to be included with his personal tax return."
I'd prefer not to have to hire an accountant for the information I need to file my own taxes. This really shouldn't be so complicated. I appreciate the help regardless if I end up having to do that.
