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deebill99
Returning Member

1099R Pension rollover

I rolled over my pension 401K to a traditional IRA when I retired at the beginning of 2020.  I received a 1099R from my ex-employer showing in box 7 with a code G that I rolled this entire amount over.  Due to unfortunate circumstances toward the end of the year I had to withdrawal the entire account.  It looks like it is adding the distribution and the pension (which are the same money) twice as total income.  So, as example:  Last year let say 2019 was $ 69,500, it now says this year 2020 is $269,500 (using $100,00 as a base for the distribution and what should be the pension payout).  Wouldn't reporting income only be $169,500?  Hope I explained this clearly.

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1 Reply
AmyC
Employee Tax Expert

1099R Pension rollover

Two lines reported. Line 5a would have the full amount of all 1099-R forms. Line 5b would have only the taxable amounts. The rollover would not be included in line 5b.

 

So for example:

line 5a pension $69,500 + rollover $100,000 + distribution $100,000 = $269,500 

line 5b taxable income would be $169,500

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