How do I file an IRA distribution without a 1099-R?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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"I have a situation where Morgan Stanley lost a large amount of money on my investments and I filed a complaint with SEC. Morgan Stanley paid me some money and has not sent me a 1099-R. How do I put this into Turbo Tax? Will it be an IRA distribution?"

TurboTax Premier Windows

Anonymous

We can't know what's going on with you and your Morgan Stanley accounts, but I can give you some tips for taxes.

If you haven't already, try logging into your online account. Most companies are now providing tax forms in your online account, so you may be able to find your 1099-R there (or any other form they may have issued you).

You are never taxed on a return of principle (after tax contributions), so you should get your records together for your retirement plans. You'll need to figure out where you stand. However, you can't report a distribution without a 1099-R.

Since this affects ownership and legality (beyond our scope to advice), I'd recommend considering speaking to a tax attorney.

user17537160421

Level 2

The preceding response, if true, indicates that TurboTax is creating an unnecessary roadblock to potential users if it insists that a 1099-R is needed to report a distribution from any retirement plan. A 1099-R is ONLY needed if taxes were withheld. That would permit the IRS to verify that fact and the amount. When no taxes are withheld, the taxpayer merely needs to enter the total of all distributions on the appropriate line on the 1040 form. My CPAs of the past have exactly that for more than 20 years. TurboTax should be no different. I was hoping to use turbotax for the first time this year because my last CPA retired. I may be forced to find a new CPA because I have at least one plan that has never distributed a 1099-R and legally is not required to do so.