- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Because the due date for financial institutions to file Forms 1099-R is March 31, some financial institutions will effectively void the first Form 1099-R they produced by never sending it to the IRS and will generate a new original form 1099-R, the only one that gets sent to the IRS. This can create confusion on the part of the individual recipient, so as SabrinaD2 said, it might be a good idea to confirm with the financial institution that this is what is what they have done.
You certainly don't want both sent to the IRS with neither having the CORRECTED box marked since that would imply there there were two separate reportable distributions. (Of course if both show a 1035 exchange, neither would add to taxable income, but you still want accurate reporting.) After March 31 you should be able to obtain your Wage and Income transcript from the IRS to see what the financial institution actually sent to the IRS.