topic Re: 1099-R problems in Retirement tax questions

1099-R problems

gg — Mon, 02 Apr 2018 20:11:10 GMT

I have a 1099R for my rollover I received from my husbands retirement during our divorce. The amount of the 1099R says 81,750.04. This is correct, however, when I took the check to my bank to put in the IRA, I took a distribution as well. So I actually only deposited 60,000 into the IRA. How do I report this when the 1099R only shows the 81,750.04?

Thank You

Re: 1099-R problems

PaulaM — Thu, 05 Apr 2018 00:35:58 GMT

Enter the 1099-R as it is reported, then on the follow up pages answer what you did with the money. One of the selections is 'you did a combination of rolling over, converting, or cashing out the money'.

See example

Re: 1099-R problems

gg — Fri, 06 Apr 2018 16:53:14 GMT

cPaula,

Thank you for the help. The 1099r reports in box 7 the code G. So those questions do not show up. I would have to change box 7 for 1 for early withdraw for those questions to show up. I know I can't just change the 1099 info. should I create a substitute 1099r to show the taxable amount? If so, do I still report the original 1099r?

Re: 1099-R problems

PaulaM — Sun, 08 Apr 2018 17:28:55 GMT

You should check with the payer. If you were to roll the entire sum over and chose not to, then the payer will need to issue a corrected 1099-R form. Do not create a substitute 1099-R for this situation.

Re: 1099-R problems

Khaithue47 — Mon, 25 Nov 2019 15:35:19 GMT

income tax 2018 my 2018 form 1099-R (box 2a) $32749.51 but 2018 Form 5498( just received in April 2019) ( box 2) $14000> please tell me how to get tax back in 2019 income tax-Thks

Re: 1099-R problems

Khaithue47 — Mon, 25 Nov 2019 15:54:46 GMT

I signed up to auto withdrawing my RMD and transferred to bank account. During year I also withdrawed more than request amount RMD money from my IRA account and thought that should reducted my RMD but when I saw RMD still automatically transfer money full money to bank account, I called my Vanguard to reversed money back to bank account but in form 1099-R 2018 still show full $32749 ( not reducted $14000 rollover back)and until April I received Form 5498 showed $14000 in Box 2. Please advice me how get money tax back in 2019 income tax because I paid over 2500 income tax with cause by form 1099-R 2018. Thanks

Re: 1099-R problems

Critter — Mon, 25 Nov 2019 16:07:01 GMT

You made an error on the 2018 return ... so you need to amend the 2018 return IF vanguard did the reversal as you indicated. After you enter the 1099-R you had to indicate how much was rolled back ... see the other answer above for the screen shot.

Re: 1099-R problems

macuser_22 — Mon, 25 Nov 2019 16:15:06 GMT

@Khaithue47 wrote:

I signed up to auto withdrawing my RMD and transferred to bank account. During year I also withdrawed more than request amount RMD money from my IRA account and thought that should reducted my RMD but when I saw RMD still automatically transfer money full money to bank account, I called my Vanguard to reversed money back to bank account but in form 1099-R 2018 still show full $32749 ( not reducted $14000 rollover back)and until April I received Form 5498 showed $14000 in Box 2. Please advice me how get money tax back in 2019 income tax because I paid over 2500 income tax with cause by form 1099-R 2018. Thanks

@Khaithue47 - If you satisfied the 2018 RMD amount and rolled the excess back as the 1098 seems to indicate, then when you entered the 2018 1099-R did you answer the follow up questions that you rolled part of the money back?

If you did then the 1040 line 4a should have the the total 1099-R box 1 amount and line 4b (the taxable amount) should have the box 1 amount minus the amount rolled back) with the word "ROLLOVER" printed next to it.

If not, then you entered it wrong and need to amend 2018 to report it properly.

Amended returns can only be mailed. It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it.

See this TurboTax FAQ for detailed amend instructions:
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

You can check the status of the amended return here, but allow 3 weeks after mailing.

https://www.irs.gov/filing/wheres-my-amended-return

Enter a 1099-R here:

Federal Taxes,
Wages & Income
I’ll choose what I work on (if that screen comes up),
Retirement Plans & Social Security,
IRA, 401(k), Pension Plan Withdrawals (1099-R).

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "1099-R" which will take you to the same place.

Be sure to choose which spouse the 1099-R is for if this is a joint tax return.
Be sure to pick the correct 1099-R type: Standard 1099-R, CSA-1099-R, CSF-1099-R, RRB-1099-R.

If this was a rollover or conversion, answer the question that you moved the money to another retirement account (can be the same account). The screen will open up with choices of where it was moved.

You would choose that you did a combination if things. Enter the amount rolled over in the top box and leave the bottom box blank.

(Be sure that the RMD amount question answer does not reflect any of the rollover amount or the rollover would not be permitted because a RMD cannot be rolled over by law.)

[NOTE: When you get to the "Your 1099-R Entries" screen where you can add another 1099-R, use "continue" to keep going as there are additional interview questions after that screen in most cases. You can always return as shown above.]

It will show as income on the summary screen which shows gross income, not taxable income.

The income will be reported on line 4a on the 1040 form with the word “ROLLOVER” next to it if it was a rollover.

The taxable amount will go on line 4b. In the case of a rollover, that amount will be zero.

Re: 1099-R problems

dmertz — Mon, 25 Nov 2019 19:54:00 GMT

Khaithue47, this has nothing to do with your 2019 tax return. I assume that this is your own IRA, not an inherited IRA. When you entered the code 7 2018 Form 1099-R into TurboTax you should have indicated to TurboTax that only some of the box 1 amount was RMD ($18,749.51 based on the information that you provided [Edit: actually $12,611.90 based on what you have said below, but that doesn't change any of the other details]), that you moved some or all of the money to another retirement account (or returned it to the same account), then indicated that you rolled over $14,000. I, doing so, TurboTax would have included only $18,749.51 on 2018 Form 1040 line 4b and would have included the word ROLLOVER next to the line. If you did not do this correctly when you originally filed your 2018 tax return, you must amend your 2018 tax return:

https://ttlc.intuit.com/community/amending/help/how-to-amend-change-or-correct-a-return-you-already-filed/00/25588

Re: 1099-R problems

Khaithue47 — Mon, 25 Nov 2019 16:51:55 GMT

thank you very much !

I have same Congratulations! You've satisfied your RMD for your Vanguard accounts this year.
Your RMD calculation for 2019—IRAs
RMD amount you must take by 12/31/2019
$12,611.90
Distributions you've taken year to date1
$32,611.90
Remaining RMD amount
$0.problem in 2019 as well as 2018.

As of 11/25/2019
Date
Trade date
Account
Fund
Transaction
Shares transacted
Share price
Amount
09/12/2019
09/12/2019
Mr Tiep Van Le—Rollover IRA Brokerage—72855570
CASH
Rollover (incoming)
—
—
$12,000.00

So how to minus 12000 from Form 1099-R in tax 2019.

Re: 1099-R problems

Khaithue47 — Mon, 25 Nov 2019 16:54:02 GMT

I do not see little box 1 to minus rollover amount in 1040 tax form

Re: 1099-R problems

macuser_22 — Mon, 25 Nov 2019 17:00:51 GMT

Again, this has nothing to do with 2019. You asked about your 2018 1099-R that the amount in excess of yiur RMD was rolled back. That can ONLY be reported on a 2018 amended tax return, not a 2019 tax return.