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My Fidelity 1099R listed each FUND distribution separately.. Do I put in 1 total amount or each fund distribution list them individually ?

Forum|Forum|7 years ago
June 5, 2019
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TurboTax Deluxe Online

Best answer by Critter

If they send you multiple form 1099-Rs for the same account (one for each fund in the IRA) then you can combine them in the program and enter them as one entry for the IRA instead of a bunch of individual entries and this is needed sometimes because the IRS has a 20 form limit in this section. The IRS does get all the 1099-R forms from the payer BUT only expects the grand total on your return ... entering in the individual forms in the program is for your use only. Make sure that all the forms you combine have the same code in box 7.

fanfare

Employee

how many 1099-Rs did you get? your post says one.

Critter

Employee

American funds has the ludicrous habit of taking out a bit from each investment in the portfolio in the IRA and then sending a separate 1099 for each investment instead of one for the entire annual IRA distribution which is a terrible waste of paper.

If that is what your broker did then combining them is fine.

B

bnldretske

For 2020 and 2021 American Funds sent me a single 1099-R but showed separate rows for the multiple funds I received distributions from. My confusion when completing taxes is that each fund has a different fund number but turbo tax only has one spot for one fund on each 1099-R template. I'm not sure if I should keep adding additional 1099-Rs for each fund or just add up all the boxes and just pick one of the fund numbers to enter.

VolvoGirl

Employee

Is this from one IRA or 401k account? Isn't there a total on the 1099R? You just enter the total not the individual funds. There shouldn't even be a spot to enter the fund number.

CritterAnswer

Employee

If they send you multiple form 1099-Rs for the same account (one for each fund in the IRA) then you can combine them in the program and enter them as one entry for the IRA instead of a bunch of individual entries and this is needed sometimes because the IRS has a 20 form limit in this section. The IRS does get all the 1099-R forms from the payer BUT only expects the grand total on your return ... entering in the individual forms in the program is for your use only. Make sure that all the forms you combine have the same code in box 7.

D

DanO

You will want to enter each 1099-R individually. The IRS will also be receiving the 1099-Rs and will be expecting to see all of them on your return as is.