1099 R--Do I need to report?

[LeeLee7069]

I have a 1099 R that has a Gross amount for Box 1, but Box 2, which is the taxable amount, says Zero. Do I still need to report this on my taxes?  Also, can I still use the free version if I have to report?

[Mike9241]

be aware that many companies leave box two blank or zero because they know nothing its about tax basis. this is especially true if box 2b is checked. perhaps contact the issuer or provide us with more information like the source of the distribution. 

[LeeLee7069]

No money was withdrawn from the retirement account, but no longer employed with that company. Box 2 has 2 places that can be checked & the box that is checked says "Total Distribution".  The other box that is not checked says "Taxable amount not determined". Any thoughts?

[JamesG1]

Is there an amount in 5 or 9b that reports that there were contributions to the account?

@LeeLee7069 

[LeeLee7069]

No,  Box 1 has the amount & the Box 2 "Total Distribution" box is checked. Everything else is blank. Thoughts?

[SharonD007]

Please clarify what distribution code is in box 7.

[Carl]

If box 2b is not checked, and box 2a has zero in it, then nothing to worry about and no need to report.
I see this most often on a "trustee-to-trustee" transfer of funds from one tax deferred retirement account, to another. In those situations where you never touch the money, a 1099-R is not even required to be issued. Why one would be issued anyway is beyond me. So if you have this situation, treat it as if you never received a 1099-R to begin with.

[dmertz · Accepted solution]

You are required to enter the form even though it represents nontaxable income.

[LeeLee7069]

I also see the letter G  in box 7 Distribution code. According to the form, the letter represents "direct rollover".  That is why I am confused why this was sent to me & if I should go ahead and report it.

[VolvoGirl]

Yes you should enter and report all 1099R forms you get.  

Enter a 1099R under
Federal Taxes on left
Wages & Income
Then scroll way down to Retirement Plans and Social Security
Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start

[TomK2023]

You should get a Form 1099-R from your IRA custodian which reports the rollover. To enter the information, follow these steps:

1. Search for 1099-R and select the Jump to link in the search results.
2. Continue through the screens to import or enter your 1099-R form.
3. When asked Tell us if you moved the money through a rollover or conversion select I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days) and select Continue.
4. On the next screen, Did you roll over all of this (Box 1) to another retirement account? answer Yes, I rolled over to an IRA or other retirement account (or returned it to the same account) and select Continue.

If taxes were withheld in box 4 of your form, they'll either be added to your refund or applied to your tax liability.

[dmertz · Accepted solution]

You are required to enter the Form 1099-R into TurboTax even though the taxable amount might be zero.

[Carl]

Bottom line is, if you are issued a 1099-R you are required to report it. Period. Now with a "G" in box 7, it's just a rollover and nothing will be taxed or penalized. But you are still required to report it none-the-less.

[Critter-3]

FAILURE to enter in ALL 1099-R forms will result in you getting an IRS letter in a couple of years where you will need to explain why you left it off the return in the first place  SOOOO just put it on now and save yourself the hassle latter.