Vanguard sent me two and I'm listing them separately on my return.
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.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.
Plenty of 1099R's this year.
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.
Yeah, makes sense. Thanks, ERD.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
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
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.Yes, do separate entries so when the IRS computer tries to match the entries they will more easily match.
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
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.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?
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.