2 1099-R's for the same thing

Forum|Forum|4 years ago
March 31, 2022
4 replies
39 views

I recently did a tax-free rollover from a 401k to my IRA. After the rollover, I received a letter indicating that I needed to take a corrective distribution as I had contributed too much to the 401k in the prior year. The letter informed me to take the corrective distribution from my IRA which I did. Now I have 2 1099-R's reflecting the same distribution (one from the 401k for which no cash was received) and one from my IRA who sent me a check grossed up for earnings and taxed. To report both 1099-R's would be duplicative and results in additional tax in TurboTax. How do I report 1 of them while making sure the IRS does not think I neglected to report a 1099-R that was issued to me?

ThomasM125

Level 15

The 1099-R from the 401-K reported a rollover, which is not taxable. When you report it in TurboTax, you will be asked if you rolled the funds over, so just say yes to that question and the distribution won't show as taxable.

The other one is taxable so report it as such and there won't be any duplication.

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Icebreaker250Author

Level 2

Thanks. I accomplished this by overriding the duplicate 1099-R I received and changing box 7 to say G - Rollover instead of code 8 - Return of taxable contribution. I then stated this was a substitute 1099-R and provided a written explanation for what happened. Does that make sense?

GeorgeM777

Alumni - Intuit

What @ThomasM125 was saying was that the rollover would not be taxable but the corrective distribution would be. From your last post, code G would explain the rollover from your 401(k) to your IRA. How again are you handling the 1099-R reflecting the corrective distribution, that is the amount you withdrew from your IRA?

@Icebreaker250

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