1099 Not showing the taxable amount

Forum|Forum|1 year ago
February 26, 2025
1 reply
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I rolled over a pension into a Cash IRA, I am under 59 1/2. The rollover does not need to be taxed. However, once it was in the cash IRA I closed the account so I should be taxed. I did have federal and state withheld, but when I was sent my 1099 it didn't show the federal and state amount that was withheld. Can I go ahead and enter those amounts from the closeout statement I received? Or how do I go about reporting that cash ira closure as income?

DavidD66

No, you cannot use a statement to report your distribution from an IRA. You should have received two Forms 1099-R, one from the pension plan for the rollover to the IRA, and one from the IRA custodian for the distribution from the IRA that occurred when you closed the account. If you did not receive those forms, you need to contact the plan administrators to obtain copies. If you still have online access to your accounts, you may be able to download copies of the forms.

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