My 1099-R lists two separate Gross Distribution amounts and two separate amounts of Federal Income Tax withheld(?). Can I just combine the respective numbers?

Forum|Forum|1 year ago
February 9, 2025
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I should probably add that both funds have the same name (Fixed Income Fund A)

DavidD66

Are you sure that is your Form 1099-R? A 1099-R should only have one Box 1 - Gross Distribution and one Box 4 - Federal Income Tax Withheld. Perhaps you are looking at an account summary that came with your Form 1099-R, and shows account activity. If that's the case the actual Form 1099-R would report the combined amounts. Or maybe you have two retirement accounts and two separate Forms 1099-R, in which case you would need to enter as two separate Forms 1099-R.

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reed_jamesAuthor

I really appreciate you taking the time to get back to me! I'm about 99% certain that this IS a 1099-R. It's comprised of three separate sheets of paper - identified as Copy B, Copy C, and Copy 2. They're all identical and they each show the same information - with two rows on each.

The first row has a larger amount - and is listed as Distribution Code 4 with the IRA/SEP/SIMPLE box checked. It is also the only listing that has a Taxable Amount in Column (2a).

The second row is listed as Distribution Code T and the IRA/SEP/SIMPLE box is unchecked. Even though there's nothing listed in the Taxable Amount Column (2a), there WAS Federal Income Tax withheld.

I appreciate any further help anyone can offer on this!

THANKS!

DianeW777

Yes, it sounds like you are correct that it's a 1099-R. All the various copies means you use only one for your tax return. Use only Copy B for your tax return.

Row 1: The gross distribution is box 1, while the taxable amount is listed in box 2a. Your distribution code 4 (should be in box 7) means it was issued due to death of the original owner and it was an IRA. This sounds like a Traditional IRA and part or all of the contributions are taxable. Use the Box 2a amount if the number is there.
Row 2: The second row is a different IRA and the code T means it's a Roth IRA and that there is an exception to the penalty. This means the amount is not taxable because the owner paid tax on the contributions when placed into the Roth IRA. You should not have to put anything in box 2a, however be sure to enter your federal withholding.
- Where do I enter Form 1099-R?

Please update if you have additional questions and we will help.

@reed_james

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