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michhjen
New Member

My 1099-R line 1 amount is actually a custodial fee taken and not a personal distribution, do I still need to enter into turbo tax?

I received 2 1099-R but never took a personal distribution.  Those were actually custodial fees.  Why do I pay the tax on those?

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Accepted Solutions
Ashby
New Member

My 1099-R line 1 amount is actually a custodial fee taken and not a personal distribution, do I still need to enter into turbo tax?

You would need to contact the financial institution to find out that information. But, I can say that if you get a 1099-R, it will be reported on your tax transcript and you should report it.

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2 Replies
Ashby
New Member

My 1099-R line 1 amount is actually a custodial fee taken and not a personal distribution, do I still need to enter into turbo tax?

What letter code do you have in Box 7?
Ashby
New Member

My 1099-R line 1 amount is actually a custodial fee taken and not a personal distribution, do I still need to enter into turbo tax?

You would need to contact the financial institution to find out that information. But, I can say that if you get a 1099-R, it will be reported on your tax transcript and you should report it.

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