Survivor Benefits

[Arch Stanton]

I received a one-time survivor benefit from my father's pension in 2021.

I had two options. One option was to receive the money tax-free if deposited into an IRA. The other option was to receive the money with tax taken out if deposited into a bank account.

I choose to receive the money with tax taken out and deposited into my bank account.

Is there anything I need to do in regards to this when filing my 2021 taxes? I have not received a 1099-R.

[DianeW777]

Yes.  You will receive a Form 1099-R with the amount of the distribution and the taxable amount.  It will also include and show the amount of federal income tax withheld so that it will be included as a payment on your tax return.

Contact the plan administrator if you do not receive the form with in a few days.  It's possible to have it emailed to you quickly. They had until January 31st to issue the form to you.

[Arch Stanton]

Actually, I just called them. The reason I didn't get the 1099-R is because I moved and the letter is not forwardable.

So, they gave me the numbers off the 1099-R over the phone. Being that I'm filing online electronically, this should suffice, right?

[DaveF1006]

Yes, if you enter the information correctly, this will suffice.  Be sure you have the correct EIN for the company as this is very critical for successful electronic filing of your return.

[Arch Stanton]

It's actually TIN not EIN. And they didn't give it to me, so I will need to contact them.

The question I don't understand is "How much of the payment was an RMD (Required Minimum Distribution)?"

The choices are:

• The entire distribution was a RMD
• Only part of this distribution was a RMD
• None of this withdrawal was a RMD

I don't know the answer to this.

[MarilynG1]

Since you cashed out your father's pension, you can indicate that 'entire distribution was RMD'.

Click this link for more info on Inherited Retirement Benefits. 

Sorry for your loss. 

[Arch Stanton]

They told me there's a Box 2c called "Total Distribution" with a value of 1 on my 1099-R. TurboTax only has a Box 2b, there's no Box 2c. What should I do?

[KrisD15]

No, there is no Box 2c on a 1099-R. 

You should get a paper copy of the 1099-R. 

They should be able to email you a copy I would think if you are in a hurry. 

[Arch Stanton]

I just received the 1099-R and noticed that there might be some boxes that were not entered into TurboTax online. I already filed my tax return and don't see a way to review this other than downloading the PDF. When I downloaded the PDF I didn't see the information entered on the 1099-R.

Is there a way to review my tax return online other than downloading the PDF?

Am I going to have to amend the return now? I tried, but it said that option (Form 1040-X) won't be available until 3/26/2022.

[DaveF1006]

To clarify, what missing information are you looking for that's on the hard copy but not in the program? The only other way to view your return is to go to tax tools>tools>view tax summary>preview my 1040. This won't give you any more information than the pdf does however.

[VolvoGirl]

Did you enter the right amounts for the full GROSS in box 1 and the tax withheld in box 4?  That might be all you really need.  Did you get the right amounts on 1040 line 5a (gross) and 5b (taxable)?  

[VolvoGirl]

Oh and the tax withheld in box 4 goes to 1040 line 25b.

[Arch Stanton]

I think the only boxes that are missing are:

• 15 State/Payers state no.
• 18 Name of locality

I just realized they gave me the wrong payer's TIN number. That could cause a problem. How can I fix that?

[Arch Stanton]

Can someone please help me with my latest reply? Thanks.

[RobertB4444]

If the only information that you were missing were those two state information boxes then the only return that that could effect is your state return.  If your state has an issue they will send you a letter requesting more information.  Otherwise they will just process the return and not worry about it.