1099-R [Corrected]

Forum|Forum|4 years ago
March 27, 2022
1 reply
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For tax year 2020, I received 2x of 2020 1099-R's that was filed with my 2020 tax year taxes. Both were from the same company regarding a 401(k) rollover. One 1099-R was the major portion of the direct roller and the 2nd 1099-R was for a very small amount (~$700) that was leftover afterwards, and therefore, sent to me directly as payout - a taxable portion. In Feb 2022, I received a 2020 1099-R [Corrected] form (on the original major direct roller) and again, the 2nd 1099-R direct payout form but is not corrected. The update on the 2020 1099-R form is now the box 1 Gross Distribution amount is $930 less than the original form filed for 2020 taxes.

Do I just enter the corrected form into my 2021 taxes since it is the only of the 2 now checked as Corrected or am I required to enter both forms since they have been resent (or neither)? The Corrected form does not appear to change the tax situation any, perhaps since it was a direct rollover? I am concerned entering the 2nd form, not being checked as Corrected, makes turbotax tax me again and it was already taxed in 2020 tax situation.

Any guidance is greatly appreciated.

Best answer by JohnB5677

Both Forms are from 2020. You should never enter a 2020 income statement into 2021.

If the combination of both forms do not charge your tax return, there is no need to amend the return.

If one of the new 1099-Rs is from 2020 and is not labeled "corrected" you certainly should not enter it.

The only thing that could be affected is form 5498. The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, required minimum distributions (RMDs), and the fair market value (FMV) of the account.

So your broker should have taken care of this.