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New Member
posted Jun 5, 2019 11:21:03 PM

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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1 Best answer
New Member
Jun 5, 2019 11:21:09 PM

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.

2 Replies
New Member
Jun 5, 2019 11:21:05 PM

What letter code do you have in Box 7?

New Member
Jun 5, 2019 11:21:09 PM

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.