cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

What do I do if I received an incorrect 1099R?

I withdrew the RMD for 2018. Then I did a direct rollover of the balance of my IRA to my current 401K. The 1099R that I received is showing box 1 for total amount and box 2 total amount (RMD plus direct rollover amount). Box 7 has code 7. the direct rollover should be code G not 7. Now it is showing that I owe taxes on total amount.

1 Best answer

Accepted Solutions
Level 1

What do I do if I received an incorrect 1099R?

You can show in TurboTax that part of the money was rolled over. Please follow the instructions below to enter the 1099-R and the partly rollover:

  1. Click "Personal Income" on the top
  2. Click "I'll choose what to work on"
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)
  4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  5. Click "I'll Type it Myself"
  6. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  7. Click "Continue" and enter the information from your 1099-R
  8. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  9. Then choose “I did a combination of rolling over, converting or cashing.”
  10. Enter the amount that was rolled over.

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), only the amount that was not rolled over will show here. 

1 Reply
Level 1

What do I do if I received an incorrect 1099R?

You can show in TurboTax that part of the money was rolled over. Please follow the instructions below to enter the 1099-R and the partly rollover:

  1. Click "Personal Income" on the top
  2. Click "I'll choose what to work on"
  3. Scroll down and click "Start" next to "IRA, 401(k), Pension Plan (1099-R)
  4. Answer "Yes" to the question "Did You Have Any of These Types of Income?"
  5. Click "I'll Type it Myself"
  6. Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
  7. Click "Continue" and enter the information from your 1099-R
  8. Answer questions until you get to “What Did You Do With The Money” and choose “I moved it to another retirement account
  9. Then choose “I did a combination of rolling over, converting or cashing.”
  10. Enter the amount that was rolled over.

Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount), only the amount that was not rolled over will show here.