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joylee414
New Member

Did not have way of explaining 1099R received from Pension Plan that was rolled over and taxes deferred until withdrawal at age 65 or older. 1099RForm was not required

The 1099Rwas not required to be sent with Tax return because taxes were deferred until withdrawal at age 65 or older when I retire. Funds were rolled over to Bank IRA savings account.
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5 Replies
dmertz
Level 15

Did not have way of explaining 1099R received from Pension Plan that was rolled over and taxes deferred until withdrawal at age 65 or older. 1099RForm was not required

The plan administrator is required to issue a From 1099-R for this distribution from a pension plan by the end of January.  If you have not yet received it, wait for it.
joylee414
New Member

Did not have way of explaining 1099R received from Pension Plan that was rolled over and taxes deferred until withdrawal at age 65 or older. 1099RForm was not required

I do have it.  It is not required to send with Tax form.  The IRS is has been sent a copy already from plan administrator.
dmertz
Level 15

Did not have way of explaining 1099R received from Pension Plan that was rolled over and taxes deferred until withdrawal at age 65 or older. 1099RForm was not required

You must enter it as macuser_22 described.

Did not have way of explaining 1099R received from Pension Plan that was rolled over and taxes deferred until withdrawal at age 65 or older. 1099RForm was not required

Yes the IRS will get a copy from the plan administrator and then they will check your tax return to see if you reported the income, taxable or not.  If not on your  return they will assume that you kept the money and did not roll it over and send you a bill for the entire amount.   It will only be a tax free rollover if you report it as such on your tax return.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Did not have way of explaining 1099R received from Pension Plan that was rolled over and taxes deferred until withdrawal at age 65 or older. 1099RForm was not required

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR  Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.


Enter the 1099-R information exactly as it is on the form.  If a box is blank - leave it blank - DO NOT enter zero "0".  Be sure you enter the code in box 7 and check the "IRA/SEP/SIMPLE" box ONLY if it is checked on the form. If box 2a says "Unknown" - leave it BLANK - the taxable amount will be calculated based on your answers to the follow-up questions.

If this was a rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved.

(If box 7 has a code “G” it will automatically be a trustee-to-trustee rollover).

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 15a or 16a on the 1040 form (depending on the type of account) with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 15b or 16b.  In the case of a rollover, that amount will be zero.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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