1099-r forms

Cherylbrian2 · ‎February 4, 2020

I rolled over my 401k to an IRA. I took a distribution from the total amount. I received a 1099-r for the $40,000 that I withdrew from my total distribution. they took taxes out of that money. then I received another 1099-r for the total distribution of $304,874.48. do I enter both of these 1099-r into my taxes? Its saying I owe federal $1383.00. once I add the second 1099-r it jumps to over $5000.00.

KarenJ2 · ‎February 5, 2020

Please advise if both 1099-Rs were from the same Payer. Also was it a direct rollover?

Thank you!

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dmertz · ‎February 5, 2020

Yes, both Forms 1099-R must be reported.

To help with KarenJ2's questions:

What is the code in box 7 of each of these Forms 1099-R?

Does the Form 1099-R showing $304,874.48 in box 1 have a nonzero amount in box 2 or any amount in box 5? Did you mistakenly mark the IRA/SEP/SIMPLE box on TurboTax's form when you entered this Form 1099-R?

1099-r forms

Retirement tax questions

Retirement tax questions