bl1289
Dryer sheet wannabe
Hello
Does anyone have any experience with the 1099-R box-7 code "E" which means the plan is correcting a previous error?
In 2014 I contributed to a 401K at a former employer. I then moved the funds to a rollover IRA and then to a Roth IRA. I received a 1099-R from the well-known and reputable plan administrator showing all these funds as code "G" and I paid my taxes as expected.
I recently received a corrected 2014 1099-R, which now shows most of the funds as still code "G", but a moderate amount is now reclassified as code "E", which apparently is an IRS program called EPCRS used to correct past errors by the plan administrator.
I am hesitant to start paying for expensive advice as to what if anything I need to do, especially since the underlying sums are not huge. I am tempted to just wait and let the IRS take their copy of the 1099 and tell me what they want me to do (if anything). I have done nothing wrong, and I don't think there is any legal obligation to amend a return absent fraud.
Anyone have any opinions?
Thank you
Does anyone have any experience with the 1099-R box-7 code "E" which means the plan is correcting a previous error?
In 2014 I contributed to a 401K at a former employer. I then moved the funds to a rollover IRA and then to a Roth IRA. I received a 1099-R from the well-known and reputable plan administrator showing all these funds as code "G" and I paid my taxes as expected.
I recently received a corrected 2014 1099-R, which now shows most of the funds as still code "G", but a moderate amount is now reclassified as code "E", which apparently is an IRS program called EPCRS used to correct past errors by the plan administrator.
I am hesitant to start paying for expensive advice as to what if anything I need to do, especially since the underlying sums are not huge. I am tempted to just wait and let the IRS take their copy of the 1099 and tell me what they want me to do (if anything). I have done nothing wrong, and I don't think there is any legal obligation to amend a return absent fraud.
Anyone have any opinions?
Thank you