Should I enter both 1099-R and 1099-MISC for the SAME withdrawal from a beneficiary IRA? I received both forms, but when I enter both I get double taxed!

[spit0019]

I inherited this IRA from my dad who died in 2020.  I have up to 10 years to fully withdraw this beneficiary IRA.  I understand this is a taxable withdrawal, but I received BOTH a 1099-R (box 7 code 4 checked) AND a 1099-MISC form for the same withdrawal.  When I enter both forms in TT, I get taxed twice.

[ColeenD3]

Check with the issuer of the 1099-MISC for an explanation. If the amount is in Box 12, it is possible that this amount was once a 401k or such and was later rolled over into an IRA.

Box 12 1099-MISC

[spit0019]

Thanks.  The amt is in Box 3 'other income' though.  I don't think they should have issued a 1099-MISC?

[ColeenD3]

It is very unlikely that is it is for the 1099-R distribution unless they made a mistake. It is possible that they may have meant to issue a 1099-B instead of the 1099-MISC. Again, it's better to find out their thinking rather than ignore it. If it is wrong, they should send you a corrected 1099-MISC with $0 in Box 3.

[spit0019]

Thanks again for your response.  It has to be the same transaction though - it's the only transaction I made on that account, and the amounts match exactly on the 1099-R and 1099-MISC.  I'll give the a call!

[dmertz]

There is no reason that you should have received a Form 1099-MISC for anything from an inherited IRA.  Contact the payer.