I closed a small IRA account in 2022 and received the full amount (cashed out - I did not roll it over). I received a 5498 that has the FMV amount (the amount I received), but never got a 1099R. Do I need to get the payer/institution to provide me 1099R? If not how/where do I enter this IRS distribution in Turbotax Deluxe?
you can't file correctly without the distribution code in box 7 of the 1099-R document.
The form 5498 is just an informational form. You need the 1099-R to properly report the distribution from your IRA account. The 1099-R will have the distribution amounts, any tax withheld, and the distribution code in box 7 of the form. If you have not received the 1099-R, contact your financial company that distributed the funds and request the form from them. Normally, the 1099-R form is issued by the end of January each year.
cheers
Thanks, I looked through the list of 1099R "box 7" codes and I am over 59 and 1/2 so I guess the code would be 7 (Normal Distribution). I guess I will have to call my credit union and ask if they are going to provide a 1099R or not.