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Bob81
Returning Member

1099-R

I received a 1099-R for my deceased fathers pension plan.  The amount is for all payments made in 2019.  However the company took back his last payment in January 2020.  Due to change in tax year, they won't issue corrected statement.  I do I report this overstatement so that I am not taxed on the additional payment?

5 Replies
lesablackwell
New Member

1099-R

I'm sorry for your loss. I lost my father last July.

 

I'm guessing the financial institution which held your father's pension account will generate another 1099 R in 2020 for the payment made for that year. You will need to count that payment as income on your 2020 taxes. But, check your father's account to see if the 1099 R for 2020 has been mentioned or generated yet. 

Bob81
Returning Member

1099-R

But they withdrew the last payment from his account, there will be no other payments in 2020.  They'll issue a 1099 in 2020 for a negative amount?

macuser_22
Level 15

1099-R

Does the 1099-R have your SSN as benificuary of his account?  What code is in box 7?

 

What do you mean "payment made" and "took back"?  How did they take back a payment that had already been made?   

 

Any 2019 distribution must be in box 1 on the 1099-R.  A 2020 distribution must go on a 2020 1099-R.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Bob81
Returning Member

1099-R

Everything is in his name/ssn.  He passed away at end of Novemeber 2019.  His December payment was auto deposited before I could inform the financial institution.  They auto withdrew his December payment in January 2020.  

macuser_22
Level 15

1099-R

If the 1099-R is reporting incime not received then they need to issue a corrected 1099-R.   You need to talk to the plan trustee and escalate if necessary.   The cannot legally say that they distributed money that they did not.  They need to tell you what happened to the missing money that they reported that you have.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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