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Level 1
June 6, 2019
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My 1099-R line 1 amount is actually a custodial fee taken and not a personal distribution, do I still need to enter into turbo tax?

  • June 6, 2019
  • 2 replies
  • 15 views

I received 2 1099-R but never took a personal distribution.  Those were actually custodial fees.  Why do I pay the tax on those?

Best answer by

You would need to contact the financial institution to find out that information. But, I can say that if you get a 1099-R, it will be reported on your tax transcript and you should report it.

2 replies

June 6, 2019
What letter code do you have in Box 7?
Answer
June 6, 2019

You would need to contact the financial institution to find out that information. But, I can say that if you get a 1099-R, it will be reported on your tax transcript and you should report it.