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mmerck0328
New Member

Received 3 1099-R forms that total more than our 2 withdraws. 2 from BOA 1 from Merrill Lynch.

The withdraws totaled approximately $42,000.  The BOA 1099-R shows $25,079 distribution 0.00 taxable amount.  The Merrill Lynch shows $25,005 with $6,083 Federal tax withheld. The second BOA 1099-R shows $16,698 distribution with $3,340 Federal tax withheld.  If I enter all 3 into Turbo Tax it totals an income that is not correct and I owe additional state tax. 

Do I just ignore the form from Merrill Lynch and not enter it since it shows 0.00 taxable ?

1 Best answer

Accepted Solutions
IreneS
Intuit Alumni

Received 3 1099-R forms that total more than our 2 withdraws. 2 from BOA 1 from Merrill Lynch.

It is better to enter all three 1099-Rs because the IRS gets copies and might question the absence of one.  

 

Since the 1099-R ($25,079) with the 0 taxable income has code G (rollover), it should not be included in either your federal or state taxable income.

If, for some odd reason, it is being included in state income then delete the 1099-R from the federal side.  If the IRS sends you a letter just explain that it was a rollover and has no effect on the return.

If the rollover distribution is being included in your state income, please let me know what state so I can report the situation to our developers.  Thanks!

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3 Replies
IreneS
Intuit Alumni

Received 3 1099-R forms that total more than our 2 withdraws. 2 from BOA 1 from Merrill Lynch.

What codes are showing in box 7 of each of the 1099-Rs?  Also, what state?
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mmerck0328
New Member

Received 3 1099-R forms that total more than our 2 withdraws. 2 from BOA 1 from Merrill Lynch.

25,079 has G, 25,005 has 1 and 16,698 has 2
IreneS
Intuit Alumni

Received 3 1099-R forms that total more than our 2 withdraws. 2 from BOA 1 from Merrill Lynch.

It is better to enter all three 1099-Rs because the IRS gets copies and might question the absence of one.  

 

Since the 1099-R ($25,079) with the 0 taxable income has code G (rollover), it should not be included in either your federal or state taxable income.

If, for some odd reason, it is being included in state income then delete the 1099-R from the federal side.  If the IRS sends you a letter just explain that it was a rollover and has no effect on the return.

If the rollover distribution is being included in your state income, please let me know what state so I can report the situation to our developers.  Thanks!

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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