I received a 1099R and a 1099B for the same transaction which one should I file

[PattiF]

To clarify your question, was stock sold to fund the 1099-R, or was this another type of transaction?

[sirnetick]

I received a 1099R and a 1099B for the same transaction, box 1a ,1c, and 1d have entries, and box 5 is checked.

gross proceeds box is checked in box 6.

Doi need to just file the 1099R?

Thank you

[MarilynG1]

It would be helpful if you could clarify your situation, and we'll try to help.

A 1099-R is issued for a Retirement Fund Distribution (like an IRA, 401K, etc.) and is normally taxable income.

A 1099-B is issued for a Stock/Investment Sale, and reports either a Gain or Loss on the sale.

Since these are very different documents for different transaction types,  you most likely need to enter both of them into your tax return.

@sirnetick

[sirnetick]

yes

[sirnetick]

yes it funded the 1099R it is private stock for a profit sharing program. box 5 is checked on the 1099B

[DaveF1006]

No. This doesn't make sense because these are two different types of transactions. A 1099r relates to retirement distributions. 1099b relates to a sale of a security outside of a retirement plan. They should relate to 2 different transactions. It is possible though the broker may have made a mistake when they issued these documents.  You might check with them to get a clearer explanation on why they issued you both documents.

What I suggest doing is to enter both documents into your return and then let us take a look at it to verify what you are saying is true. I know that you are concerned that you may be double-taxed on the same income and we would be concerned as well. Here is how to send us a sanitized file for us to view once you make both entries.

The information in this file is a sanitized copy meaning there is no personal information, only numbers so that we can troubleshoot in depth, check for calculation issues, and to see how certain items are applied. In your case, this will be used to see how the 1099 B and 1099R were applied to your return and verify it is the same income that is being double-taxed. Here is how to order. 

For Turbo Tax online, go to tax tools>tools>share my file with agent.  When this is selected, you will receive a token number.  Respond back in this thread and tell us what that token number is. 

If you use the desktop version, go to the black stripe at the top of the program>online>send tax file to agent. Once you receive the token number, reply back in this thread and let us know what that token number is.

@sirnetick