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How do I file a 1099-R form which consist of survival benefit from death and not a withdrawal from an account?

Forum|Forum|7 years ago
June 3, 2019
1 reply
21 views

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You will enter the 1099-R under Income and Wages, in the Retirement section.

A distribution to a beneficiary of a retirement account is a withdrawal and requires a 1099-R to be sent to you and the IRS. On the 1099-R, box 7, code should be 4 - Death. This will notify the IRS of the exception that will apply to the 10% penalty for early withdrawals.

If your 1099-R, box 7, has a code of 1, you are subject to the 10% withdrawal penalty (if you are under age 59 1/2).

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

If you feel the 1099-R is incorrect, you will need to contact the administrator and have them send you a corrected 1099-R. The IRS needs the corrected 1099-R as well to tax or not tax the distribution.

A

Anonymous

Answer

You will enter the 1099-R under Income and Wages, in the Retirement section.

A distribution to a beneficiary of a retirement account is a withdrawal and requires a 1099-R to be sent to you and the IRS. On the 1099-R, box 7, code should be 4 - Death. This will notify the IRS of the exception that will apply to the 10% penalty for early withdrawals.

If your 1099-R, box 7, has a code of 1, you are subject to the 10% withdrawal penalty (if you are under age 59 1/2).

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions

If you feel the 1099-R is incorrect, you will need to contact the administrator and have them send you a corrected 1099-R. The IRS needs the corrected 1099-R as well to tax or not tax the distribution.