1099R Distribution

Forum|Forum|5 years ago
February 18, 2021
2 replies
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I took a distribution in 2015 from my retirement account and paid it back over 3 years, how should that be treated on my 2015 taxes? I never filed that tax return a I received a 1099R from the financial institution for the full distribution in 2015, but should it all be taxable?

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SweetieJean

Alumni - Champ

Was it an actual distribution, or rather a loan?

Looney1966Author

Level 4

I received a 1099-R for the amount I took out, so I believe a distribution, however I signed loan documents.

dmertz

Level 15

There is no kind of distribution that you could have received in 2015 that was eligible for repayment over 3 years, so perhaps this was a loan from the retirement account.

What is the code in box 7 of the 2015 Form 1099-R?

Is the IRA/SEP/SIMPLE box marked?

Why are you asking about this now? Did you receive a notice from the IRS?

Looney1966Author

Level 4

If you actually read my message you would see I never filed my 2015 tax return and I began paying it back and I did not understand why I received a 1099R if it was a loan. I mean why do I claim as income on my taxes if I am paying it back. It was a 3 year loan against my retirement?

dmertz

Level 15

You originally said you took a distribution in 2015. That would have generated a 2015 Form 1099-R. If you didn't receive a 2015 Form 1099-R, it must have been a loan instead, In that case, I assume that the From 1099-R that you are referring to is a 2020 Form 1099-R and I'll assume that that is why you are asking the question now.

What is the code in box 7 of the 2020 Form 1099-R provided by the payer?

Is the IRA/SEP/SIMPLE box marked?