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My employee sent me a 1099-r but there is no bank or brokerage listed on the form only states "retirement services" along with my employee's name. What should I enter as bank/brokerage?

 
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GeoffreyG
New Member

My employee sent me a 1099-r but there is no bank or brokerage listed on the form only states "retirement services" along with my employee's name. What should I enter as bank/brokerage?

We assume that you actually mean your "employer" sent you the Form 1099-R, and not your "employee," correct?  In other words, the company you work for (or used to work for) sent you this tax document . . .  and not an (individual) employee who works for you as their employer.  Is that right?  If not, then please help us to help you, by providing some additional details on your question.

However, assuming that we understand you correctly, the tax document Form 1099-R came from your employer (or a former employer).  Right?  If so, then the name that you choose for the bank / brokerage firm is not really important here.  That piece of information will not matter to the IRS.

The bank / brokerage name question simply exists in the TurboTax software to help users import tax documents, and as an aid to data entry (by differentiating between multiple 1099-Rs and helping taxpayers keep them accurate in their records).

However, in the case where there is no bank / brokerage name, but yet you do know your employer's name, then you can simply enter the employer's name twice.  Put differently, tell the program that your employer (who gave you the 1099-R) is also the same as the bank / brokerage firm.  That would be true, in fact, if the company manages its own retirement plan, and the Form 1099-R were generated "in-house."

The most important thing with the 1099-R payer information is to get the 9-digit EIN (Employer Identification Number) correct . . . which should be in a data format similar to 98-7654321.  Beyond that, what you chose to use for the bank / brokerage name will not matter with respect to the filing (or processing) of your tax return.

We hope this information is helpful to you; and thank you for posting on the AnswerXchange.  If you have additional details to add, or if we have misunderstood your question, then please feel free to add any follow-up comments.

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