Question

Corrected 1099-r

Forum|Forum|4 years ago
January 28, 2022
2 replies
0 views

I received three 1099r this year.

I received a 1099-r in the amount of 12,500 with a 1 in box 7. This was incorrect so the bank then issued me:

1099-r in the amount of 0 with a 1 in box 7 with the corrected box checked. (I did entered in turbotax that it has the corrected box checked)

1099-r in the amount of 12,500 with a 2 in box 7.

When I enter the three 1099-r, turbotax thinks I converted $25,000 not $12,500. How do I fix this?

TurboTax Premier Online

M

Mike9241

you enter the first 1099-R as is.

then with the corrected 1099-R you change only the boxes that are different from the first 1099-R

why you got the 3rd one - don't know. call the financial institution since I gather it wasn't marked corrected.

if you only took 12500 then the 3rd 1099-R should have been marked corrected

G

garyg456Author

I did enter all three exactly as they are.

The bank claims that the 1099r with the corrected box checked with an amount of $0.00 should "correct" the 1099r with the distribution code of 1. As the new amount of zero is the corrected amount (instead of $12,500).

Then they issued me a new 1099r with the correct information.

So I guess my question is why turbotax did not "correct" the first 1099r with the amount ($0.00) from the corrected 1099r.

Critter-3

Ok ... ONLY enter the final correct one in the program ... the first one that was wrong was negated by the corrected one so it is like it was never issued.

R

RaifH

Since your plan administrator has issued a corrected 1099-R, you may delete the original one that was the $12,500 distribution with Code 1. To do this:

Using the Search function, type in 1099-R and use the Jump to link.
On your list of 1099-Rs, delete the original entry with Code 1 by clicking the trash can next to it. Make sure you are deleting the right one!
You do not need to enter the one with a $0 distribution and this may cause an error later. You can delete this one as well if you already entered it.
Make sure the one that remains is the one with Code 2 and that it is marked corrected.
To mark it corrected, after entering the 1099-R and answering a few questions it will ask Do any of these situations apply to you? Click on the box marked The corrected box is checked on this 1099-R

G

garyg456Author

Only one of three 1099r has the corrected box checked. It is the one with the distribution amount of zero and code of 1. According to the bank, this corrected 1099r will override the $12,500 with the code of 1.

Then the bank issued me a new 1099r. This is the one that is right. It does not have the corrected box checked. It has $12,500 and a code of 2. This will be the only 1099r left if I delete the one with the distribution code of 1 and the corrected one with the amount of $0

Should I still say the distribution of 2 is corrected even though it is not marked as corrected? Only the $0 amount 1099r is marked as corrected.