Question

Filed before I got some forms for a Rollover IRA. HELP!

Forum|Forum|6 years ago
January 18, 2020
1 reply
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Last year I took a chunk out of my 401k and put it into a rollover IRA (same brokerage/investment firm).

I got 2 1099-Rs from them a few days ago, thinking I had everything, I e-filed.

NOW I get notice that my 2019 Rollover IRA Form 1099-R and the form 5498 for the same IRA are available.

I'm very new to this and didn't know about those forms. I did take some money out of the IRA and had tax withheld, so I don't believe it's going to affect the amount of my return, but once the IRS accepts the return, should I file an amended? I can do that with TurboTax, right? Or do I do it online?

Thanks in advance!

D

DeanM15

Yes, you should file an amended return once the IRS accepts the return you already filed. You can check the status of your e-file here. If you had a refund due, as soon as you receive it, you can file amendment

If you filed the original return with TurboTax, you will be able to file the amended return with TurboTax. You can find out more about amended returns here.

If you took money out of the IRA and had the tax withheld that will change the return, which is why you need to amend. The actual tax (and penalties for early withdrawal, if any) is calculated on the return, the withholding is just an estimate of what you owe. You will either receive a portion of the amount withheld back or have to pay an additional amount in tax depending on the percentage you had withheld.

You can find out more about IRA distributions here.

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