How do I correct a 1099r

jgitelman3 · ‎April 11, 2022

I have two 1099Rs for two Roth IRAs that I inherited from my Dad. Both show a taxable amount for distributions that should not be taxed. The code shows "4" for Death but should be "Q," I believe. I have contacted my financial institution to get them corrected but they are having a hard time with it. How can I correct my 1099R's myself, before 4/18?

LeonardS · ‎April 11, 2022

You can not correct the forms yourself. If you do not receive the corrected forms by 4/18 you can file a tax extension on Form 4868. This TurboTax link https://How do I file an IRS extension (Form 4868) in TurboTax Online? has information you may find helpful.

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dmertz · ‎April 11, 2022

Is the IRA/SEP/SIMPLE box marked on the form provided by the financial institution?

Code 4 would be used for distributions from a traditional IRA, not for distributions from a Roth IRA. Apparently there is disagreement between you and the financial institution as to whether these are Roth IRAs. For a distribution from a Roth IRA paid to a beneficiary, it's more common that the financial institution use code T instead of code Q, leaving it up to the beneficiary to assert that the decedent had met the 5-year requirement for qualified distributions.

A distribution from a designated Roth account in a qualified retirement plan (not a Roth IRA) would have code 4 but would also have code B and the IRA/SEP/SIMPLE box would not be marked.