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New Member
posted Mar 8, 2023 1:15:03 AM

Why does my 1099-R say that I received $14000.00 when they only sent me a check for$10000.00

0 4 1010
4 Replies
Level 15
Mar 8, 2023 2:55:10 AM

Was there any tax withholding taken out in box 4 for federal and 14 for state?  Why did you get the 1099R?  What code is in box 7?

Level 15
Mar 8, 2023 4:50:35 AM

In addition to tax withholding, did any portion of the $14,000 distribution go to satisfy a loan you obtained  from the plan?  That would be an offset distribution where some of the money went to satisfy the loan.

New Member
Mar 9, 2023 11:21:34 PM

I received 2 1099 R's one was for 1400 which was a loan distribution that was not taxed. the other 13600 was taxed but when I received a check from them all I received was 10000 and that was all I got from 15000 that was in the account I just dont understand where all of the money they got from me went and then I recieved 2 1099 R's totalling 14000 

Level 15
Mar 10, 2023 4:47:39 AM

So you received Forms 1099-R totaling $15,000, not $14,000.  It seems that the portions that were not included in the check went to tax withholding (which is credited on line 25b of your 2022 Form 1040) and $1,400 that went to satisfy the balance of the loan.

 

What are the code in box 7 of each of the Forms 1099-R?

Does either Form 1099-R have the IRA/SEP/SIMPLE box marked?

Does either Form 1099-R have an amount in box 4 and, if so, what is the amount?

Does the amount in box 1 of the $13,600 Form 1099-R equal the sum of the amounts in boxes 2a and 4?