Join Early Retirement Today
Reply
 
Thread Tools Display Modes
1099r
Old 01-30-2016, 09:49 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
1099r

I received two 1099R's from same institution for my total pension this year. Do I need to list them both on my taxes or can I just add the numbers together? I'm unclear why they sent me two.
ripper1 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-30-2016, 09:54 AM   #2
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,069
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.
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
Souschef is online now   Reply With Quote
Old 01-30-2016, 09:59 AM   #3
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
Vanguard sent me two and I'm listing them separately on my return.
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Old 01-30-2016, 10:02 AM   #4
Administrator
Alan's Avatar
 
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,054
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.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
Alan is offline   Reply With Quote
Old 01-30-2016, 10:07 AM   #5
Administrator
Alan's Avatar
 
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,054
Quote:
Originally Posted by REWahoo View Post
Vanguard sent me two and I'm listing them separately on my 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.)
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
Alan is offline   Reply With Quote
Old 01-30-2016, 10:50 AM   #6
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
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.
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Old 01-30-2016, 11:02 AM   #7
Administrator
Alan's Avatar
 
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,054
Quote:
Originally Posted by REWahoo View Post
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.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
Alan is offline   Reply With Quote
Old 01-30-2016, 11:30 AM   #8
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 17,773
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.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 01-30-2016, 11:53 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 3,877
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.
GrayHare is online now   Reply With Quote
Old 01-30-2016, 12:17 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,685
Quote:
Originally Posted by REWahoo View Post
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.
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.
target2019 is online now   Reply With Quote
Old 01-30-2016, 01:17 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Posts: 2,509
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.
bingybear is offline   Reply With Quote
Old 01-30-2016, 01:32 PM   #12
Administrator
Alan's Avatar
 
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,054
Quote:
Originally Posted by bingybear View Post
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.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
Alan is offline   Reply With Quote
Old 01-30-2016, 01:50 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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
ripper1 is offline   Reply With Quote
Old 01-30-2016, 01:51 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
Last line 59 and 1/2......sorry
ripper1 is offline   Reply With Quote
Old 01-30-2016, 01:53 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 26,821
Quote:
Originally Posted by Bestwifeever View Post
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.
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
ERD50 is online now   Reply With Quote
Old 01-30-2016, 02:25 PM   #16
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
Quote:
Originally Posted by ERD50 View Post
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
Yeah, makes sense. Thanks, ERD.
ripper1 is offline   Reply With Quote
Old 01-30-2016, 02:32 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 17,203
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....
Texas Proud is offline   Reply With Quote
Old 01-30-2016, 02:47 PM   #18
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 3,594
Quote:
Originally Posted by ripper1 View 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
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
gauss is offline   Reply With Quote
Old 01-30-2016, 06:39 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
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#?
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 01-30-2016, 09:42 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
Yes, do separate entries so when the IRS computer tries to match the entries they will more easily match.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099R, code G BillNOVA FIRE and Money 4 01-19-2012 09:52 AM

» Quick Links

 
All times are GMT -6. The time now is 11:40 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.