You sound very knowledgeable. So here’s what happened, I took my $ out of my retirement account (from employer). Once I received the check, the bank put it on an IRA account when all I wanted to do was to put the $ into a savings account. I needed that $ so I took it all out of the IRA account.
I did receive 1099-R from my retirement account and another 1099-R from the bank. I did follow the step-by-step on filing these on turbo tax online. I did not miss a single step at all. I made sure I copied everything whats on that form to turbo tax return. Now, I don’t know why IRS think I understated my taxable income line/box.
my question is will I get taxed and penalized for both 1099-R’s when the 1099-R from the bank is the $ I received from my retirement (employer)???? I feel like am IRS is taxing me twice for the SAME $..... 😭
