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vanbmang
New Member

I have two 1099 R. One is from Principal Bank and other is from Principal Insurance Co. Do I need to file both of them? I need your help please?

 
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rjs
Level 15
Level 15

I have two 1099 R. One is from Principal Bank and other is from Principal Insurance Co. Do I need to file both of them? I need your help please?

You have to enter both 1099-Rs. The one that is a rollover will not be included in your taxable income, but you still have to show it on your tax return. The code in box 7 of the 1099-R should indicate that it's a rollover. If not, when you answer the questions that TurboTax asks after you enter it, one of the questions will ask you if you rolled it over.

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5 Replies
rjs
Level 15
Level 15

I have two 1099 R. One is from Principal Bank and other is from Principal Insurance Co. Do I need to file both of them? I need your help please?

Did you get two separate distributions?
Do you have two retirement accounts?
Are the distribution amounts (box 1) on the two 1099-Rs the same?
Did you have one retirement account that was moved from one institution to the other?
Is one of the 1099-Rs marked "Corrected"?

Whatever the explanation, if two 1099-Rs were issued, you most likely have to enter both of them on your tax return.
Maybe you can still call one of the issuers, or whoever manages your retirement account, and ask them why you got two 1099-Rs.
vanbmang
New Member

I have two 1099 R. One is from Principal Bank and other is from Principal Insurance Co. Do I need to file both of them? I need your help please?

Yes, I get two separate distribution.
No, I just have one retirement account.
No, they are not the same.
No, it is not marked "Corrected"

Yes, I have call them she said Principal Bank is the one I should have to report but Principal Life Insurance is for rollover. They are same company. I also have IRA Contribution (Form 5498)
vanbmang
New Member

I have two 1099 R. One is from Principal Bank and other is from Principal Insurance Co. Do I need to file both of them? I need your help please?

Thank you, I have another question, Do I also need to file Form 5498?
rjs
Level 15
Level 15

I have two 1099 R. One is from Principal Bank and other is from Principal Insurance Co. Do I need to file both of them? I need your help please?

You do not enter Form 5498 in your tax return. Just keep it with your other tax records. See the FAQ at the following link for more information.

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1900644-what-do-i-do-with-form-5498">https://ttlc.intuit.com/quest...>
rjs
Level 15
Level 15

I have two 1099 R. One is from Principal Bank and other is from Principal Insurance Co. Do I need to file both of them? I need your help please?

You have to enter both 1099-Rs. The one that is a rollover will not be included in your taxable income, but you still have to show it on your tax return. The code in box 7 of the 1099-R should indicate that it's a rollover. If not, when you answer the questions that TurboTax asks after you enter it, one of the questions will ask you if you rolled it over.

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