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caffeyw
Returning Member

IRS Says didnt report 1099R despite listing as rollover

I filed out 2017 taxes using TT.  I had $150k reported on 1099R.  It was a qualified rollover.  I reported it as such on 1040, with it listed as a rollover.  I just got letter from IRS saying they detected I didnt report it.  The 1099R was even sent in with the filing. (Too late to efile)

 

What is going on?  

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1 Reply
dmertz
Level 15

IRS Says didnt report 1099R despite listing as rollover

With regard to the Form 1099-R provided by the payer:

What is the code in box 7?

Is the IRA/SEP/SIMPLE box marked?

Is any amount shown in box 2a?

Is any amount shown in box 5?

 

On what line of Form 1040 did the distribution and ROLLOVER indication appear?

To what type of account was the rollover deposited?

 

Because of where TurboTax places the "ROLLOVER" notation, data transcribers at the IRS entering mailed-in tax returns sometimes miss the notation.

 

In cases where the rollover was to another qualified retirement plan, not to an IRA, the IRS requires an explanation statement to be included with the tax return to substantiate that the rollover was completed because qualified retirement plans do not report to the IRS receipt of rollover contributions the was that IRA custodians report on Form 5498 receipt of rollovers.

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