topic 1099-R wrong information in After you file

1099-R wrong information

Les — Mon, 23 Feb 2026 13:32:59 GMT

How does the issuing Finacial institution correct a 1099-R when there should not have been one in the first place? It was a fee and not a distribution of $25.00 (an IRA fee).

Re: 1099-R wrong information

Mike9241 — Fri, 03 Feb 2023 00:39:31 GMT

was box 2 left blank? then the simple thing to do is to enter it and since box 2 is blank you will pay no tax on it.

the other thing is to ask the FI to reissue indicating it's void

Re: 1099-R wrong information

Les — Fri, 03 Feb 2023 21:26:47 GMT

No box 2 was not left blank unfortunately. Is voiding a 1099-R common pratice?

Thank you Mike9241

Re: 1099-R wrong information

MarilynG1 — Fri, 03 Feb 2023 23:37:17 GMT

So you have a 1099-R with $25 in Box 1 for Gross Distribution and also $25 in Box 2 for Taxable Amount?

If so, the Code in Box 7 of your 1099-R may offer a clue as to why it was issued to you.

Financial Institutions do sometimes need to issue 'Corrected 1099-R's'.

If you believe yours is in error, contact your Financial Institution.

Re: 1099-R wrong information

Les — Sat, 04 Feb 2023 21:22:56 GMT

Code in Box 7= normal distribution,

Re: 1099-R wrong information

Les — Sat, 04 Feb 2023 21:29:24 GMT

I think the error came about because of the posting in the statement was entered incorrectly as a distribution rather than a fee. When I get over my cold I will try and go and talk with the account representative or the accounting department. Thanks

Re: 1099-R wrong information

ThomasM125 — Sun, 05 Feb 2023 15:07:13 GMT

It is likely that the broker won't want to correct the form. In that case, you could leave it off of the tax return, as you aren't required to report income that you didn't receive. The tax on it is so small the IRS may not take issue with it. Also, you could enter it and pay the minimal tax of less that $5 most likely. You could also report the income then enter a nagative entry for the same amount to income by following these steps in TurboTax:

Choose the Federal option on your left menu bar
Choose Wages & Income
Find Less Common Income in the list of income sources
Use the Show More option to expand the choices and choose Miscellaneous Income, 1099-A, 1099-C
Choose the Other Reportable Income option and find Other Taxable Income in that section
Enter a description for your entry and the amount as a negative number