1099-R with Small Distribution

Schwab issued me a 1099_R for 2024 with both the gross distribution and taxable amount equal to $0.02. Box 2b is checked as taxable amount not determined. Distribution code is 7 and IRA box is checked. This distribution was due to closing the IRA.

After error checking, TurboTax is telling me the gross distribution amount must be greater than $0.50.

Should I just omit this 1099_R from my tax return? The $0.02 income amount makes no difference to my tax due amount.

Thanks.

2433

Level 15

Jan 25, 2025 7:42:25 AM

Yes, just omit the Form 1099-R since it shows income of less than $0.50

Expert Alumni

Jan 25, 2025 7:42:59 AM

You can omit this since tax returns are rounded to the dollar.

Level 1

Jan 25, 2025 9:51:26 AM

Thanks. I will delete the 1099-R from my file.

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1099-R with Small Distribution