DanaB27
Expert Alumni

Retirement tax questions

You will need to contact your financial institution, this Form 1099-R is wrong.

 

"For a distribution of contributions plus earnings from an IRA before the due date of the return under section 408(d)(4), report the gross distribution in box 1, only the earnings in box 2a, and enter Code 8 or P, whichever is applicable, in box 7. Also, enter Code 1 or 4, if applicable." (Instructions for Forms 1099-R).

 

If they refuse to correct the form then you could file a substitute Form 1099-R and enter only the earnings in box 2a.

 

Please see How do I file an IRS tax extension? for additional information.

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