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Retirement tax questions
- What is the code in box 7 of the Form 1099-R?
- Answer: Box 7 is marked 4
- Is the IRA/SEP/SIMPLE box marked?
- Answer: Yes
- Is any amount shown in box 5?
- Answer, I do not see any line 5 in the 1099-R
- Was the check that they gave you made out to you personally or was it made out to the new custodian for your benefit? (The fact that taxes were withheld suggests that it was made out to you personally.)
- Answer: Check was made out to me in which I deposited into the new IRA account.CGM, which had my IRA did not follow my instructions which was to transfer it to my Fidelity account. Is there a way in TurboTax to point out that the 1099-R is wrong and should be corrected? Unfortunately, CGM funds is out of business. The IRA is 275k. The tax cost on that would be astronomical.
March 3, 2023
4:44 PM