401k withdrawn last year and I received 2 1099-R forms for the same gross distribution amount from 2 companies, TurboTax is doubling my "total withdrawals". Enter both?

Withdrew my 401k last year and I get back two 1099-R forms from 2 companies. One is "Ascensus Trust Company" and one is "Merrill Lynch As Custodian". Both are identical "Gross Distribution". The only differences are one has "Taxable amount not determined" checked and one doesn't. Also one is "Distribution code 1" and the other is "Distribution code G".

Turbotax is telling me my "Total withdrawals" are double what they are since I entered both 1099-Rs. Should I enter them both or omit one of them entirely?

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1 Best answer

Level 15

Jun 3, 2019 1:50:19 PM

You need to enter both 1099R's on the tax return. The one with a code of "G" is a direct rollover and if it went a Traditional IRA it is not taxable income to you.

Then the 2nd one is a code of "1" Early distribution no known exception.

TurboTax is correct is stating the Total withdrawals amount, the key is however that only one of the two withdrawals is showing up as taxable income.

You can look at the 1040 prior to paying to see if only one of the amounts is showing as taxable income. To do this; (look at line 15 and 16, the amounts on 15b and 16b are being taxed.

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