Principal Financial provided me with a 1099r for my 401k with drawl but they failed to file it with the IRS and refuse to. What do I do?

Forum|Forum|2 years ago
April 29, 2024
1 reply
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My return was accepted on 1/29 and the IRS transferred me to the tax advocate who keeps hanging up. Principals only solution was a records release to share my tax information to the IRS, which is not very helpful.

TurboTax Deluxe Online

dmertz

Employee

It seems implausible that Principal would have sent you a Form 1099-R that they did not file with the IRS. How did you determine that Principal did not file the Form 1099-R with the IRS? Even though they were required to provide you with your copy of the form by January 31, the deadline for them to have e-filed the form with the IRS was March 31, but they could have gotten an automatic extension that extends the e-filing deadline to April 30.

What type of distribution did you receive?

What is the code in box 7 of the Form 1099-R that you received?

Is the IRA/SEP/SIMPLE box marked?

Does the information on the Form 1099-R provided to you by Principal agree with the information shown on 1099-R form printed by TurboTax?

mywedding55Author

I can honestly say I was shocked when I found out. It was determined by contacting the IRS and finding out that the numbers I provided on my tax return did no match what information on line 25b. I then called Principal who then confirmed that they did not file my 1099 and was told they have until 4/30/24 to file but in the same breathe said there is no guarantee it will be sent in on time. It is an early distribution and the box is not checked. And yes, the information I entered in turbo tax matches the 1099r that was provided to me. That was the first thing I checked as soon as the IRS told me the issue.

dmertz

Employee

If Principal says that they have until 4/30 to file the Form 1099-R, it means that they requested an automatic filing extension that gives them until that date to file. Since 4/30 had not yet passed at the time that you spoke to the IRS, the fact that they had not yet filed the form with the IRS was not improper.

How is this causing you a problem? I don't see why there is anything that you should be doing about this yet.