1099 R

Forum|Forum|3 years ago
February 8, 2023
2 replies
13 views

I received a 1099 R from a direct rollover on a Roth IRA. Box 1 and box 2 are blank with box 5 have a dollar amount. Distribution code is R. I can’t enter this as box 1 needs an amount . Called investment company which said this is a loss from what I paid vs the current value at the time of the rollover (a loss). Anyone know how to file this?

RobertB4444

Level 15

You can't file this nor should you. You should have received a 1099-R showing the value of the entire rollover amount in box 1 and the taxable amount (probably zero) in box 2. Box 5 shows your contributions which are used to reduce the total amount in box 1 so that the amount in box 2 is less. If it is zero there is no reducing it and no purpose to the box five amount.

If this is indeed the form that they filed with the IRS then you can ignore it - it is informational. If they are intending this to be the 1099-R for the rollover then they should issue you a corrected form.

@jdouc71

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

jdouc71Author

Level 2

Thanks for the reply. I actually received 3 1099-Rs.
2 - have amounts listed in box 1 and box 2 are blank. Distribution codes are “H” and the other “G”. Both forms entered on my taxes to represent the rollover.

1- this is the one in question. Based on your response , sounds like this doesn’t get entered on my taxes? Didn’t know since this was a loss if I enter it and if the irs would be expecting it be entered as a 3rd 1099-r.

Thanks for your help

GeorgeM777

Level 11

Yes, it does not get entered on your taxes. A 1099-R with a distribution code R is a recharacterization of an IRA contribution. We assume your recharacterization was made to a Roth IRA, in which case there is nothing to report on your tax return.

Keep the 1099-Rs for your records.

@jdouc71

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

dmertz

Level 15

The code-H Form 1099-R reports a rollover to a Roth IRA from a Roth account in a qualified retirement plan like a 401(k). The code-G Form 1099-R similarly reports a rollover to a traditional IRA from the traditional account in the qualified retirement plan. Those two make sense and must be reported on your tax return.

However, the code-R Form 1099-R is nonsensical if it appears as you say it does. A code-R Form 1099-R has nothing to do with any rollover. A code-R Form 1099-R can never have any amount in box 5. A Form 1099-R cannot have a zero in box 1 unless the form has the CORRECTED box marked to indicate that the transaction previously reported with code R never happened. A code-R Form 1099-R can never be issued by a qualified retirement plan like a 401(k) because it only applies to traditional or Roth IRAs.

jdouc71Author

Level 2

When I spoke to Fidelity, they stated when they did the rollover that one of my funds sustained a loss and thus they created one of the 1099’s . Never received one before and I’m planning on leaving it off my taxes . Hope since the irs will also be receiving this as well and if I don’t put it on my taxes it won’t result in a problem. It’s not a corrected 1099.

Thanks