Question
1099-R with Small Distribution
Schwab issued me a 1099_R for 2024 with both the gross distribution and taxable amount equal to $0.02. Box 2b is checked as taxable amount not determined. Distribution code is 7 and IRA box is checked. This distribution was due to closing the IRA.
After error checking, TurboTax is telling me the gross distribution amount must be greater than $0.50.
Should I just omit this 1099_R from my tax return? The $0.02 income amount makes no difference to my tax due amount.
Thanks.
