In 2019 I filed amended 2018 federal and California tax returns, together with Forms 8606 and 5329, explaining my discovery of my failure to take the 2018 RMD from a tax-advantaged 403b retirement account. I reported that I was therefore taking both the 2018 RMD and the 2019 RMD in 2019. Eventually I received notification from the IRS that my Form 5329 was received and “my account was updated.”
My question is how to report these distributions in 2019 using TurboTax Deluxe to prepare my 2019 federal and California returns. The 1099-R from the investment company reports the total of the two RMDs. Should I just input that data as if it were reporting a single distribution? Is there a need, and a way in TurboTax, to document for the IRS that I have followed the plan without filing by mail and enclosing an attachment of explanation?
Another possibility is to have TurboTax generate two 1099-R forms for this investment company and fill them out using the values associated with each of the two distributions. It seems likely that this would cause the IRS software to flag my return as problematic, and again I would need to attach an explanation if I wanted to avoid getting a letter of inquiry from the IRS this summer or fall (and possibly have my large refund delayed).
Does anyone have advice on how I should proceed?
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If both amounts are on a 1099-R then just enter the 1099-R. Only the total amount will be on the 1040 form line 4c & 4d and that is the only thing that is reported to the IRS, reguardless of the number of 1099-R's that you enter. The IRS does not receive the 1099-R details from you, they get a copy that is sent by the plan trustee.
If both amounts are on a 1099-R then just enter the 1099-R. Only the total amount will be on the 1040 form line 4c & 4d and that is the only thing that is reported to the IRS, reguardless of the number of 1099-R's that you enter. The IRS does not receive the 1099-R details from you, they get a copy that is sent by the plan trustee.
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