I made a $7 withdrawal/distribution from a Traditional IRA last year. The bank did not issue a 1099-R because the amount was under $10, an IRS rule I didn't know about before. How do I report the distribution on TurboTax without a 1099-R to enter? Do I make one up? Or is there somewhere else I should enter the tiny income?
I have a 1099-R issued by the same bank for a larger Roth distribution last year, and the Trad IRA 1099 would have been coded "7 - normal distribution", so FWIW I think I could make up a 1099-R for the Trad IRA accurately. OTOH, making up forms doesn't seem like a good idea.
Yes, you would "make up the form". The IRS will know when you report less than $10 and they don't have a "copy" of a 1099-R for you that you are properly reporting your $7 and you do not have a form. "Making up the form" is the only way to report it properly in the proper section.
Yes, you would "make up the form". The IRS will know when you report less than $10 and they don't have a "copy" of a 1099-R for you that you are properly reporting your $7 and you do not have a form. "Making up the form" is the only way to report it properly in the proper section.