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nikkiey21
New Member

I received a 1099-r but never cashed my check... do I still file it?

 
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DDollar
Expert Alumni

I received a 1099-r but never cashed my check... do I still file it?

Yes.  You have "constructive receipt" of the distribution.  You should report the Form 1099-R.  If you do not, what you file will not match what the IRS has on record,and you will at some point receive a letter from the IRS wanting you to pay tax on that amount.  You will also be subject to penalties and interest on any tax owed.

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3 Replies
DDollar
Expert Alumni

I received a 1099-r but never cashed my check... do I still file it?

Yes.  You have "constructive receipt" of the distribution.  You should report the Form 1099-R.  If you do not, what you file will not match what the IRS has on record,and you will at some point receive a letter from the IRS wanting you to pay tax on that amount.  You will also be subject to penalties and interest on any tax owed.

nikkiey21
New Member

I received a 1099-r but never cashed my check... do I still file it?

Great! Thank you! If I decided to cash or transfer it to another option... Would it effect this year's taxes?
DDollar
Expert Alumni

I received a 1099-r but never cashed my check... do I still file it?

No, you had 60 days to roll it over to another IRA account.  You could contact the issuer and ask if it could be cancelled and funds redeposited, but I don't think that's possible.
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