topic Re: Multiple 1099-R forms in Get your taxes done using TurboTax

Multiple 1099-R forms

davisdriverjr — Fri, 17 Apr 2020 19:58:56 GMT

I conducted a rollover of a 403(b) with one institution to a Roth IRA with a second institution. I expected this to be a taxable event, and indicated in my transfer paperwork with the losing institution that the money was headed to a Roth IRA with the gaining institution.

When I received the 1099-R from the losing institution in January, box 1 showed the distribution amount, and box 2a showed $0.00 (box 7 shows G, all others blank). I contacted them, advised them that I thought the 1099-R they had provided was incorrect, and asked them to look into it. I was expecting to receive a new 1099-R with the full distribution amount in box 2a, and the "corrected" box checked.

What I've actually now received is two additional 1099-Rs (a total of 3 now). The first new form has the "corrected" box checked, but now shows $0.00 in both box 1 as well as box 2a. The second new form I received shows the full distribution amount in both box 1 as well as box 2a (which is accurate as far as I'm aware), but this third form does not have the "corrected" box checked. Both new forms also have code G in box 7, and all other fields blank.

Did the financial institution handle the situation correctly? Should the original mistake have been corrected by generating two additional 1099-R's?

Should I file all three of the 1099-R's I've received from this institution with the IRS? Will the IRS know that all three of these 1099-R's are from the same, single transaction, given the manner in which they are filled out described above? Or should I just file only the last 1099-R I received, which has the amounts correct in box 1 and box 2a, without a need for, or mention of, any corrected forms?

Thanks!

Re: Multiple 1099-R forms

macuser_22 — Fri, 17 Apr 2020 20:24:39 GMT

They did this in an unusual way but it is OK. Just enter the 3rd correct 1099-R with the box 1 and 2a the same.

What they did was to issue a corrected 1099-R that cancelled the first as if the first never happened. Then they issue a NEW original 1099-R to replace the first that was now cancelled - so now you only have one original 1099-R to file

Re: Multiple 1099-R forms

davisdriverjr — Sat, 18 Apr 2020 08:46:23 GMT

Thanks mac_user!

All of the other research I've done relating to multiple 1099-R's, the answer on this forum in every post I've found is to file all 1099'R's. Only filing the last, correct 1099-R makes sense to me, but I'm hesitant given all of the other advice to file all 1099-R's.

Can anyone else confirm that I don't need to file the first two 1099-R's I received?

Re: Multiple 1099-R forms

macuser_22 — Sat, 18 Apr 2020 14:47:13 GMT

@davisdriverjr wrote:

Thanks mac_user!

All of the other research I've done relating to multiple 1099-R's, the answer on this forum in every post I've found is to file all 1099'R's. Only filing the last, correct 1099-R makes sense to me, but I'm hesitant given all of the other advice to file all 1099-R's.

Can anyone else confirm that I don't need to file the first two 1099-R's I received?

You would never file a 1099-R if you received a corrected 1099-R for that 1099-R. The corrected 1099-R replaces the first and is filed in it place. You can enter the corrected 1099-R if it makes you feel batter but a zero box 1 and zero box 2a will do absolutely nothing in TurboTax. A 1099-R that does not have any box 4 tax withheld does NOT get sent to the IRS, only the box 1 an 2a amounts (if non-zero) get entered on the 1040 form. It serves no useful purpose to enter anything other than the single correct 1099-R since the other two cancelled each other out and no longer exist.