I received two1099-R, one of them has a distribution code of "G" on box 7. the other has a distribution code of "1M" on box 7. Should I be filing both?

posted

Yes, you must enter both. These are for two different distributions, one for a direct rollover and the other for an offset distribution used to pay off a loan from the plan. Unless you come up with the money an roll it into a traditional IRA by tomorrow, October 15, 2024, at the latest, the offset distribution is subject to income tax and, unless you have a penalty exception that applies, to an early distribution penalty.