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June 6, 2019
Solved

Do I need to enter a 1099 R form that the Gross Distribution is only $2.48?

  • June 6, 2019
  • 1 reply
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I believe this is the remainder of an old profit sharing plan,which is too small (and expensive) to close. 

Best answer by Anita01

Yes, I'm afraid all income needs to be reported.  Not reporting even this small one will cause an automated letter to generate form the IRS system.

1 reply

Anita01Answer
Employee
June 6, 2019

Yes, I'm afraid all income needs to be reported.  Not reporting even this small one will cause an automated letter to generate form the IRS system.