my non reported supplimental 1099 has different cost basis than my reported 1099-B (which was just estimated) . How do I make sure the IRS has the proper matching information that I am using from the supplimental 1099? The supplimental was not provided to them due to my disposal method. I should use the proper cost basis in the supplimental correct?
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You will report whichever cost basis is actually correct, regardless of whether or not your 1099-B reported it correctly. When you are making these entries in TurboTax, please be sure to check the box that says "The cost basis is incorrect or missing on my 1099-B". Please be sure to keep copies of the records supporting the actual cost basis.
Hello, I could not figure out how to send a question to an expert, that is why I reply to an existing one.
My wife has 401K and the amount was $10,000 (all number are imaginary for the privacy reasons)
She took $6000, transferred it to her bank account and leave $4000 on 401K. Then she took $2500 from the remained $4000 and leave 1500 on 401K.
So, she had $10,000 and took $6000 + $2500=$8500.
She received 1099-R form with code 7 from the MATRIX TRUST COMPANY for her distribution of $6000 and she received one more 1099-R with code G from the MATRIX TRUST COMPANY for her $4000 (but she did not transfer this $4000 to her bank account. She transfers only $2500, and she received 1099-R form with code 7 from McCauley Investment Advisory, LLC for her distribution of $2500.
When I entered all three 1099-R forms in turbo tax, it totals the distribution to $6000 + $4000 + $2500 = $12,500.
But it is not correct, since she transferred to her bank only $8,500, and her total distribution should be $8,500.
Why her total distribution is incorrect in Turbo Tax?
The total distribution in TurboTax is exactly what you posted to your tax return.
The issue in question is the $4,000 from MATRIX TRUST COMPANY. Did you roll that entire amount into another retirement account, and then withdraw the $2,500 and put it in the bank.
G in box 7 is a direct rollover of a distribution to a qualified plan. In the interview on that 1099-R did you check that it was rolled over into another retirement account. If you do this it will correct the problem.
Thank you. I probably did not do that.
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