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Found 6 results

  1. My client received a 1099R for a distribution taken during 2019 from an Inherited IRA account. My client was the non-spouse beneficiary of this IRA and inherited it several years ago. The funds are held in an inherited IRA. My client is over age 59 1/2 (actually 61 yrs old). The 1099R is coded with a "1" in box 7. That seems wrong to me. If she is over 59 1/2, shouldn't it be a code "7" normal distribution so that the 10% early w/d penalty doesn't apply? Any guidance or advice is much appreciated. Thank you.
  2. We have a new client that has a life policy in the plan. it does not appear that the PS58 cost have ever been report. I read on a prior thread that the PS58 cost were optional, but I also read they are required to be reported. Is it required? If so, would i just start now. I wouldn't want to go back and have him redo taxes... yikes! Thanks!
  3. I apologize, I'm sure this question has been asked and answered - so if someone could point me to the correct thread, I'm happy to read up on it. I also wasn't sure if this question was better suited for the distribution message board or this on. I don't deal with PBGC covered plans often - so my apologies in advance if I am using the wrong terminology or asking the wrong type of question. PBGC covered plan - terminated and closed. There were a about a dozen participants whose benefit was sent to the PBGC per the lost participant rules. We are now preparing 1099-Rs for the plan. The participants who elected something ( lump sum cash, rollover, etc) I have no problem preparing the 1099-Rs. But I don't know how to report those whose benefit was transferred to the PBGC. Do they get 1099-Rs? I'm thinking yes - but I've been wrong before If they get a 1099-R what code goes on the form? I'm sure there is a publication or guide that deals with this - I'm just not sure where to look. I called the PBGC for an answer and was told I would get a call back - but I haven't heard yet so thought I would ask all you smart folks here.
  4. I have a client whose assets are in a brokerage account. The owner took a loan and never made payments. They apparently never intended to and now want it defaulted. I don't have confidence she is going to have a 1099R produced even though she said that's her intention. My question is: What are the ramifications/fixes for a defaulted loan on a brokerage account when a 1099R is not done? We do utilize Penchecks, but that may result in 2 1099Rs. Thank you in advance-
  5. does anyone have experience with 1099R coding when old post-tax contributions are cashed out of a qualified retirement plan? I have always been under the impression that there is no code and leave Box 7 blank, adding the post-tax contribution amount in Box 5, and the taxable field would be 0.00. any push back on this? I have submitted several 1099Rs to the IRS over the years like this. now being questioned that there should be a code in Box 7. thanks!
  6. 403(b) plan is with Mutual of America and allows loans. Employee takes out loan and employer does not start withholding and remitting loan payments until something like 100 days later. Mutual of America defaults the loan. The Employer doesn't stop the loan repayments after the default and Mututal of America continues to accept them. Is the employee just 'out' the loan repayments that were made after the loan was defaulted? It seems that the deemed amount should be reduced or the loan repayments returned?
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