First of all, calculate the tax implications the corrected 1099-R form has on your tax return.
- Start by amending your return. To amend your return, click here.
- Delete the original 1099-R and
- Add the corrected 1099-R.
Unless you itemize your deductions on Schedule A, you may not need to take the Schedule A deduction for the remaining investment in the contract.
Contact the Payer if you have any other questions about money you're owed.
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