Basically Posted December 11, 2023 Posted December 11, 2023 Sometimes when you overthink something it makes you crazy and unsure of the obvious. I have a participant who has terminated. She had Roth and pre-tax money in her account. Can only one 1099-R be prepared or do I need to prepare one for each money type? Am I reading the 1099-R instructions correctly, do I put the total being distributed in box 1 and in box 5 that is where I indicate her ROTH and/or after tax voluntary contribution distribution? Example... Suzie terminated and took all her money. Her $10,000 Roth account rolled into a rollover Roth IRA. Her $20,000 employer money into a rollover IRA Box 1, total of all distributions - $30,000 Box 2, taxable money - $20,000 Box 5, Roth and after-tax voluntary contributions - $10,000 Box 7, Distribution code(s) - code G and code H Her 1st Roth salary deferral was more than 5 years ago (2012) Or do I need to prepare 2 form 1099-Rs.
Popular Post C. B. Zeller Posted December 12, 2023 Popular Post Posted December 12, 2023 You need 2 1099s. Luke Bailey, ESOPMomma, duckthing and 2 others 5 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
Basically Posted December 12, 2023 Author Posted December 12, 2023 I hear you. I have been telling people they need 2 forms. Figured if I was wrong and could have gotten away with only 1 then all I did was extra work. Appreciate the "free advice"
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