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Mistakenly Filed a Form 5558


soosil

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On a different, topic, we have participants that took distributions in 2015 but we didn't find out about them until late 2016. I am preparing 1099-Rs and have some questions:

1.) Must 2015 distributions go on a 2015 1099-R? or can I put them on a 2016 1099-R and have the form filed by Feb 2017?

2.) I read that 1099-R's need to be filed the year following the distribution. So, does that mean that a distribution made in April of 2015 should have had a 1099-R filed by February of 2016?

 

 

 

 

 

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48 minutes ago, soosil said:

On a different, topic, we have participants that took distributions in 2015 but we didn't find out about them until late 2016. I am preparing 1099-Rs and have some questions:

1.) Must 2015 distributions go on a 2015 1099-R? or can I put them on a 2016 1099-R and have the form filed by Feb 2017?

2.) I read that 1099-R's need to be filed the year following the distribution. So, does that mean that a distribution made in April of 2015 should have had a 1099-R filed by February of 2016?

 

 

 

 

 

Just wondering how it happens that you have the responsibility to issue 1099-Rs but don't have access to information concerning reportable distributions?  If the 2015 distributions were in any way taxable, isn't it mandatory that the recipients' 2015 tax filings be amended to correctly show the distributions (with interest and penalties probably due)?  Whether to use 2015 1099-Rs or 2016 1099-Rs is the least of anyone's worries!

Always check with your actuary first!

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We have the reportable distribution information. The extended deadline to file the 12/31/2015 Form 5500 was October 17, 2016 and the client didn't send in their distribution paperwork for us to complete their annual return until early October. This is when we became aware that a distribution had taken place and we reported the distribution on tax return. That is not the issue or my question but thank you for your 2 cents, or should I say, half-cent.

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