1099R

[Kimber1968]

My husband received two 1099Rs. Box 7 codes are '1' and '1B'. He did not withdraw any funds. He called the company (who sent them) and was told that these are Roth funds that will be rolled over when he does so.  His current place of work has not started their retirement savings plans yet but will be soon. It isn't clear to me why he received these distribution documents. He did not receive these monies. Please help!

[SharonD007]

A 1099-R is used to report a retirement distribution from a pension or annuity. Code 1 in box 7 represents an early distribution and code 1B in box 7 represents an early distribution from a Roth IRA. If there was a direct rollover, box 7 codes should be G or H. If your husband did not receive a distribution, he should contact the plan administrator and request a corrected Form 1099-R.

Please review the TurboTax articles What do all the codes in Box 7 of the 1099-R mean? and When to Use Tax Form 1099-R: Distributions From Pensions, Annuities, Retirement, etc. for additional information.

[Kimber1968]

Thank you so much for your response! He did call a couple of weeks ago and was told the money is still in there? And that he can just call to roll it over when his new company starts their retirement savings plans? It's been much longer than 60 days since he was employed by his previous workplace. It's a relatively small dollar amount so he is irritated that I am giving it attention. How I view it, if it was reported as a distribution regardless of amount, it needs to be accurate and accounted for. 

[SharonD007]

I agree with you. The Form 1099-R should be accurate. You do have 60 days from the date that you receive an IRA or retirement distribution to roll it over to another retirement plan or IRA. The IRS may waive the 60-day rollover requirement in certain situations. Please review the IRS article Retirement Plans FAQs relating to Waivers of the 60-Day Rollover Requirement

Please see the IRS article Rollovers of Retirement Plan and IRA Distributions for additional information.

[dmertz]

These forms 1099-R are saying that he did receive these funds.

[fanfare]

call the former company again and ask if those documents were sent also to the IRS.

@Kimber1968