1099 R for distribution from employer retirement plan

[cred65]

Taxpayer received $134K total distribution from former employers plan net of 20% fed WH. He then rolled $90K over into an IRA within the alloted time period, with the intention that only $44K would be taxable. The 1099R reports the total amount 134K taxable in Box 2a.

Does he have to attempt to get a corrected 1099R from the former employer?

Is the rollover Form 5498 substaintation of his intent upon notice from feds?

What course of action is available to him? (Or is he up a creek without a paddle)?

TIA

[kcjenkins]

On the 1099R input, right after the Box 2 taxable amount, there is a line for "Rollover amount included in 2A. And there is a tab at the bottom for 'rollover explanation'. Using those is all you should need to do.

[cred65]

On the 1099R input, right after the Box 2 taxable amount, there is a line for "Rollover amount included in 2A. And there is a tab at the bottom for 'rollover explanation'. Using those is all you should need to do.

Thank you KC. You are a life saver (or something like that).

Cred65

[kcjenkins]

Glad to help. They added that line to make it easier, since the trustee issuing the 1099R does not know about the rollover unless it is a trustee to trustee rollover. So they have to assume it's all taxable.