2011651
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How would you treat a taxable income reported in two different forms - FORMS 1099 B and 1099 R?

My father-in-law worked for Publix Super Markets part-time until his retirement in June of last year 2020.  Publix has a profit sharing plan or employee stock ownership plan which rewards their employees with the company's privately held stocks.  When he retired, he opted to cash out the stocks he was rewarded over the years he's worked with the company.  Having said that, he received a Form 1099 B for the sale of the stocks and a Form 1099 R for the distribution.  The amount reflected on both forms is from the sale of the stocks.  So, I was wondering if anyone can help shed a light as to how to report said forms.  If both forms are taxable income, why is there a need to report the same income twice in two different forms?  Additionally, reporting both forms as income will be redundant and appears as double taxation.  Help, please!  Your anticipated help will be greatly appreciated.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MarilynG1
Expert Alumni

How would you treat a taxable income reported in two different forms - FORMS 1099 B and 1099 R?

Form 1099-R reports a distribution of Retirement Income.  It does not include any income from Stock Sales.

 

You need to enter both the 1099-R and the 1099-B in your father-in-law's return.  

 

Click this link for more info on How to Enter a 1099-R.

 

Click this link for instructions on How to Enter 1099-B.

 

This article gives detailed info on Employee Stock Grants

 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question