1099-R Filing Question

[NeilLott]

Hi,

I had a Solo 401K associated to a S-corporation that was dissolved in 2021 and the Solo 401K was rolled over into a personal Traditional IRA.  

My question is with do I need to file a written 1099-R from the S-Corporation in addition to the 1099-R form that I can fill out with the TurboTax Home and Business software that I'm using for my individual return?

The reason I ask this is because in Turbo Tax Home and Business when I create the 1099-R form I see a check box "Source From 1099-R" -- and to me that implies I really need to file the 1099-R somewhere else as well.

Thanks,

Neil

[ThomasM125]

You should only prepare one form 1099-R, otherwise the distribution will be doubled in the eyes of the IRS. Also, normally the form 1099-R is prepared by the investment company who holds your retirement funds, so you better make sure there isn't such a form already filed before you file another one!

[NeilLott]

Thanks, in my case I am certain that the investment company will not send the 1099-R.

So I assume me filling out the 1099-R in Turbo Tax Home and Business in my Individual Return is the correct course of action?

[MaryK4]

If this is a direct rollover-- no taxes are withheld, no 1099-R is issued, and you do not have to report on your tax return.  See Rollovers of Retirement Plan and IRA Distributions.