1099r
- Thread starter ripper1
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Souschef
Thinks s/he gets paid by the post
My guess is they are paid out of two accounts, for some reason. The key question is did the sum of the two equal the pension you received?
If that is correct, just add them and input the total.
If that is correct, just add them and input the total.
REWahoo
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Vanguard sent me two and I'm listing them separately on my return.
I once received 2 1099-R's from the same company that does my pension. It was the year I turned 59.5, and the total of the 2 equaled my yearly pension but the distribution code was different on them, as one was "Early Distribution, Some exceptions apply", and the other was "Normal Distribution".
If you received 2 1099-R's identical in all respects then I would just enter one of them in your return.
If you received 2 1099-R's identical in all respects then I would just enter one of them in your return.
If you log onto your Vanguard account and look at your tax forms in the Tax Center, are they both listed there as well, identical in all respects? (If I received 2 identical ones in the mail my first thought would be an error in sending duplicates out.)
REWahoo
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No, they are not identical. One is for the distributions I took before my mutual fund assets were transferred into the new, upgraded Vanguard brokerage account, one for the distributions after. The total of the two equal the total amount I withdrew from my Vanguard IRA in 2015.
That makes sense.
Bestwifeever
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I would do whatever TurboTax (insert your choice of software) tells me to do. Pretty sure TT says "Did you receive a 1099r" and then "Did you receive any more 1099rs?" The IRS probably received two for you so I would enter them separately.
FWIW my dad used to add 1099s of a given type together and enter only the total on his tax filings. To my surprise the IRS never questioned it. Maybe the IRS checks the total first and if it is at least as much as their data suggests they accept the value even if no individual amounts match.
target2019
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Had a similar experience with in-law 1099's. The investment company changed from XXXX to AAAA mid-year. Account numbers where different, so I did not add together.
So the institution and account were different.
The way I think of your situation, is that IRS data banks see these as two different items, so go that way.
I would do them separately. If you are using a tax program, it should take a couple minutes more. Doing it this way makes it follow the documents that you received which should make it more obvious.
I expect I will get several this year. My wife's retirement account were rolled (mostly) to a IRA. However, some interest came in a bit later ($0.18) and this got distributed. They withheld $0.04 tax. It would have cost more to drive over to her old company to get the signatures than deal with the distribution. But she had 2 account (403b and 457 if I recall correctly.) Plus we did roth conversions. Plenty of 1099R's this year.
I expect I will get several this year. My wife's retirement account were rolled (mostly) to a IRA. However, some interest came in a bit later ($0.18) and this got distributed. They withheld $0.04 tax. It would have cost more to drive over to her old company to get the signatures than deal with the distribution. But she had 2 account (403b and 457 if I recall correctly.) Plus we did roth conversions. Plenty of 1099R's this year.
Same here. I'll have 5 plus I have to create a substitute 1099-R for my UK pension.
<rant>The IRS rules state that foreign pensions have to be reported on the same line as US pensions but there is no easy way to indicate a foreign pension and I have to complete other forms to explain why I don't have a 1099-R and what efforts I have made to get a 1099 from the company. Plus the forms in TurboTax require a Federal ID number for the company and the address field only accepts a US style zip-code etc. <end rant>
First world problems, I'd rather have these than the alternatives.
ripper1
Thinks s/he gets paid by the post
AHA......OK, I figured it out. In Box 7 (Distribution Code(s)......The first one has number 2 in it and the other has number 7. My birthday is in January and I turned 59 and 1/2 in June. 2 denotes early distribution, exception applies (under 59 and 12) and 7 denotes Normal Distribution. Whatever....I guess I will enter both. Thanks Folks
ERD50
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Agreed. You want your entries to match what the IRS received. I'd assume their computers are looking for a match of a 1099r for $1,111 and another 1099r for $2,222, and might not be programmed to see that $3,333 from the same institution is the same thing.
And since it only takes a minute to enter each, why not? It might even save you confusion later, when you try to find the 1099r that matches up with $3,333 - and it doesn't exist!
-ERD50
ripper1
Thinks s/he gets paid by the post
Yeah, makes sense. Thanks, ERD.
Texas Proud
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I am with the group that says to put both of them in your tax program and let it do what it needs...
I do not think that they show details of the 1099r and only total them, but since I do not get them I am not sure...
But, I just looked at my last years return and both me and DW got W2s and there is NO indication of what earnings were from which person.... there is only a total on line 7 for wages... I looked and no backup for where that number came from.... since we filed electronically, there were no attached W2s....
I do not think that they show details of the 1099r and only total them, but since I do not get them I am not sure...
But, I just looked at my last years return and both me and DW got W2s and there is NO indication of what earnings were from which person.... there is only a total on line 7 for wages... I looked and no backup for where that number came from.... since we filed electronically, there were no attached W2s....
gauss
Thinks s/he gets paid by the post
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Since all modern tax software should be able to support multiple 1099-R's I would enter them separately. In general, the coding will lead the software to ask different questions, bring in different forms etc.
-gauss
mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
DW received two separate 1099Rs from SSA for 2015. Added together they are correct for the year. Not sure how I will enter them on the tax form. Will TT allow you to enter two SS figures under the same SS#?
pb4uski
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Yes, do separate entries so when the IRS computer tries to match the entries they will more easily match.
38Chevy454
Thinks s/he gets paid by the post
I agree with the two entries so it matches to what was reported to the IRS. No need to give them any more reason to look closer at your return than necessary.
Souschef
Thinks s/he gets paid by the post
I am sorry, but I disagree. The IRS matches the totals not the individual 1099R's. If you look at the 1040 form, there is only a one line entry for line 15 IRA distributions and line 16 for pensions and annuities. If you are using tax software, enter them separately and the software will add them and enter the total on the proper line on the 1040.
I use Turbotax at home and I volunteer preparing taxes for seniors and low income taxpayers for the AARP-IRS program.
Does that mean you need to pay the 10% penalty on the one with a code 2 since you took that before 59 1/2?
ripper1
Thinks s/he gets paid by the post
No because this is a pension I earned after retiring in 2010 at 54. Not quite sure why they did it this way. I also got two 1099R's also from an Inherited Ira and one had a code 7 and the other a code 2.
