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Level 2

Rollover of a Employee Stock Ownership Plan

I received both a 1099-B and a 1099-R because we rolled the total amount over to a Traditional IRA whn I enter the 1099-R it appears to be a wash with Taxes but when I enter the 1099-B it wants to tax me even though it was rolled over. Can I omit the 1099-B or how do I resolve this?

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Expert Alumni

Rollover of a Employee Stock Ownership Plan

If you originally had a retirement account that generated the 1099-R, and you took that same account and transferred it to another retirement account there should not be any tax.

 

I do not understand why you got a 1099-B.  Any stock holdings you had in the original retirement account should have been liquidated prior to taking them out of the account.  Can you help me to understand where the securities listed on the 1099-B come from?

 

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Level 2

Rollover of a Employee Stock Ownership Plan

Only a portion of the ESOP was rolled over to a Traditional IRA and both the 1099-B and 1099-R came from the same company (and they both have the same data dlloar wise)  that is what has me totally confused. When I enter the 1099-R it reacts just like it should in Turbo Tax  it shows a wash but then when I try and add the 1099 B it wants to tax me which is why I think it should be left out

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Expert Alumni

Rollover of a Employee Stock Ownership Plan

You should not have received a form 1099-B reporting the sale of stocks that are held in a retirement account. Is it possible that you transferred the retirement account investments to a non-retirement account and then had stock sale transactions from the non-retirement account?

 

Clearly, you should not report the income twice, but if the 1099-B statement duplicates the information reported on the 1099-R statement, you should request the 1099-B be amended by the company that issued it to reflect that.

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Level 2

Rollover of a Employee Stock Ownership Plan

The 1099-B and 1099-R are from the same company and It was rolled over to a traditional IRA

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Expert Alumni

Rollover of a Employee Stock Ownership Plan

A form 1099-B is used to report the sale of investments. Were the investments that were sold held in a retirement account at the time they were sold?

 

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Rollover of a Employee Stock Ownership Plan

If you were moving a retirement account into a traditional IRA, it would be on the 1099-R, and it would not be taxable.

 

What is posted on the 1099-B?  Is it possibly sale of stock from an employee stock plan.  It should not be for the sale of the funds that were in the retirement account.

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Level 2

Rollover of a Employee Stock Ownership Plan

The way I understood it we transferred it from my wife's ESOP to a IRA. We never saw a penny of it or a check Edward Jones handled the transfer. The 1099-B appears to show how mauch each share was worth and total qty and the 1099-R. Each form though has a different Payer's TIN