Thanks for your reply! I tried to ask a detailed question by giving the most concise info, but let me provide more details.
I worked in education and had a 403b that I rolled over to a Rollover IRA account with Charles Schwab. After rolling it over, I withdrew about $40,000 and left the other half in the account. I also started a business in 2021 and did contract work, so I wanted to make sure I went to a professional.
A friend of mine has a tax prep company and after she did my taxes, I owed about $6,000. I expected to owe money due to the distribution and 1099 income. My cousin said he had someone that does his taxes each year and he usually breaks even with his business or gets a refund, so I decided to go to him. He did my amended return and I was now due to receive a return of $9,000. When I mentioned it to someone, they said that I should get someone else to look at it.
At this point, the amended return has been mailed off, but not processed. When it was processed in Feb of this year, I was sent a check for the difference of the 2 returns (that I haven't cashed). I did a consultation with an accountant after submitting the amendment last July and he mentioned that my withdrawal/distribution was input twice.
I am really just trying to get my 2021 taxes completed and corrected in order to file my 2022 taxes. All of this is new to me and is stressing me out.
School district 1099-R
Box 1: $80,000
Box 2a: blank
Code: G
no boxes checked
Charles Schwab 1099-R
Box 1: $40,000
Box 2a: $40,000
Code: 1
the box is checked for IRA/SEP/SIMPLE
While we were going through the tax forms together and inputting the information, it showed an amount of $120,000, but he told me that only the amount withdrawn would be taxed. On the completed 1040 tax form, Boxes 4a and 4b have $40,000 and nothing in 5b. It does not show the $120,000 on this form, only where we are submitting the information.
All of this information is from the information input today, on the 3rd attempt at completing the taxes to correct the amended return.
On the 1st amended return in July 2022, my distribution is included with the amount in Box 12a as a deduction. This is why I wanted someone else to look at it. I really feel like I should have left the initial return alone.
I think I answered everything. My main concern is when inputting the information, it looks as if I rolled over $120,000, so to me the $40,000 distribution was counted twice. However, I could be stressing for no reason. This is the first time they have included me in the process. The other 2 times, I sent my documents and they sent everything back to me completed.
