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Lump sum distribution from inherited IRA not reflected on 1099-R

I received a check for a lump sum distribution from an inherited IRA and I'm confused about how to declare it.  The 1099-R I received has the "total distribution" boxed checked and a distribution code of 4, but only shows the RMD amount in boxes 1 and 2a.  No other amounts are listed.  When I enter this information, I don't see a way to tell TurboTax that I took the full distribution.  Am I missing something or is my 1099-R incorrect?

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1 Best answer

Accepted Solutions
dmertz
Level 15

Lump sum distribution from inherited IRA not reflected on 1099-R

As you suggested, that Form 1099-R seems to have the wrong amount in boxes 1 and 2a, so you should contact the payer about this.  It would probably make sense to request a filing extension at this point, but you still need to pay your taxes by April 15, which you would do under the assumption that you will receive a Form 1099-R showing the entire $3,439 in boxes 1 and 2a.

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6 Replies

Lump sum distribution from inherited IRA not reflected on 1099-R

IF the amount you received matches the amount in Box 1 - ( Box 4 and 14)

your1099-R is OK

yuu can ignore that checkmark

 

@mikel67 .

Lump sum distribution from inherited IRA not reflected on 1099-R

Thanks @fanfare .  The amount shown in boxes 1 and 2a is $366.  The amount I actually received is $3439 and no taxes were withheld.  I suspect the 1099-R is wrong unless there is another way to show the full distribution.  Would the 1099-R typically show the full distribution when an IRA is distributed to the beneficiary following the account holders death?

dmertz
Level 15

Lump sum distribution from inherited IRA not reflected on 1099-R

If you received $3,439 from this inherited IRA in 2023, the amount in boxes 1 and 2a should be $3,439.  Was the difference, $3,073, moved by nonreportable trustee-to-trustee transfer to another inherited IRA maintained for your benefit instead of being paid to you or was $3,439 actually paid out to you?

Lump sum distribution from inherited IRA not reflected on 1099-R

Hi @dmertz .  The $3439 was paid out to me via check - it was not a nonreportable trustee-to-trustee transfer to another inherited IRA.  I expect to pay tax on the $3439 and not just the $366 shown on the 1099-R.

dmertz
Level 15

Lump sum distribution from inherited IRA not reflected on 1099-R

As you suggested, that Form 1099-R seems to have the wrong amount in boxes 1 and 2a, so you should contact the payer about this.  It would probably make sense to request a filing extension at this point, but you still need to pay your taxes by April 15, which you would do under the assumption that you will receive a Form 1099-R showing the entire $3,439 in boxes 1 and 2a.

Lump sum distribution from inherited IRA not reflected on 1099-R

Thanks for confirming @dmertz.  I reached out to the payer and assume it will take a while to resolve.  I will recalculate my taxes based on what the 1099-R should say and file for an extension.  Appreciate the help.

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