I have two 1099 R. One is from Principal Bank and other is from Principal Insurance Co. Do I need to file both of them? I need your help please?

Forum|Forum|6 years ago
June 6, 2019
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Best answer by rjs

You have to enter both 1099-Rs. The one that is a rollover will not be included in your taxable income, but you still have to show it on your tax return. The code in box 7 of the 1099-R should indicate that it's a rollover. If not, when you answer the questions that TurboTax asks after you enter it, one of the questions will ask you if you rolled it over.

rjs

Employee

Did you get two separate distributions?
Do you have two retirement accounts?
Are the distribution amounts (box 1) on the two 1099-Rs the same?
Did you have one retirement account that was moved from one institution to the other?
Is one of the 1099-Rs marked "Corrected"?

Whatever the explanation, if two 1099-Rs were issued, you most likely have to enter both of them on your tax return.
Maybe you can still call one of the issuers, or whoever manages your retirement account, and ask them why you got two 1099-Rs.

vanbmangAuthor

Yes, I get two separate distribution.
No, I just have one retirement account.
No, they are not the same.
No, it is not marked "Corrected"

Yes, I have call them she said Principal Bank is the one I should have to report but Principal Life Insurance is for rollover. They are same company. I also have IRA Contribution (Form 5498)

vanbmangAuthor

Thank you, I have another question, Do I also need to file Form 5498?

rjs

Employee

You do not enter Form 5498 in your tax return. Just keep it with your other tax records. See the FAQ at the following link for more information.

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1900644-what-do-i-do-with-form-5498">https://ttlc.intuit.com/questions/1900644-what-do-i-do-with-form-5498</a>

rjsAnswer

Employee

Drewc864

yes that makes sense, but I don't believe I ever received my 1099-R. & I don't know where to find it.

to be honest, my company last year used Fidelity. Should I be looking for that form instead? Principal was from my job the year before. I'm very confused. lol

MonikaK1

If you cashed out your retirement plan when you left your previous job, your employer or their investment firm should have issued you a Form 1099-R. If you received distributions from the plan of either employer, they should have been reported on Form 1099-R.

If you have an account with Fidelity, contact them to see if they mailed you a form or if you can access it online.

If your Form W-2, Wage and Tax Statement and/or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. aren't available to you by January 31, 2024, or if your information is incorrect on these forms, contact your employer/payer. If you still haven't received the missing or corrected form by the end of February, you may call the IRS at 800-829-1040 for assistance (see telephone assistance for hours of operation). See this IRS webpage for more information.