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.
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Yes, just omit the Form 1099-R since it shows income of less than $0.50
You can omit this since tax returns are rounded to the dollar.
Thanks. I will delete the 1099-R from my file.
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