Income (1099-R distribution) returned in January

HollandBob — Mon, 06 Feb 2023 18:07:07 GMT

My father-in-law passed away in October. His pension came from PBGC. PBGC was notified in October of his death but a November pension payment was received. No pension payment was received in December. PBGC said in early November that they would attempt to recover the overpayment from the bank account that the deposit had been made to. That did not happen and the bank account was closed down mid-December. PBGC sent a letter requesting repayment of the overpayment in January and funds were returned. The 1099-R issued by PBGC includes the funds that were returned. PBGC says that they will not issue a revised 1099-R. Is there an appropriate way to reduce 2022 income for the pension overpayment?

Re: Income (1099-R distribution) returned in January

DavidD66 — Tue, 07 Feb 2023 18:21:46 GMT

You can enter an adjustment to "Other Income". To do so, while logged in to your return:

Click on Federal
Click on Income & Expenses
Scroll to the bottom of the "Your income and expenses" page, and click on "Less Common Income"
Click on "Show more"
At the bottom of the page, next to "Miscellaneous Income..." click on Start/Revisit
Other reportable income - click on Start, then answer Yes
Give a description and enter amount of the pension over-payment that was returned.

This amount will also be reported on line 8 of Schedule 1 (Form)

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Income (1099-R distribution) returned in January

Re: Income (1099-R distribution) returned in January