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bandb2
Level 4
May 2, 2025
Solved

1099R

  • May 2, 2025
  • 1 reply
  • 15 views

Taxpayer and spouse each had IRA accounts. Taxpayer died in 2023, spouse is beneficiary. In April 2024, deceased's account was liquidated and assets transferred to spouse's IRA account. Spouse received a 1099R, box 7 code 4,  with boxes 1 and 2a showing    63,000 and box 2b checked Taxable Amount Not Determined. Broker claims that Form 5498 will be sufficient to show this was a spousal rollover. Should I put zero in Box 2a, or put $63,000 as shown and a negative miscellaneous income  with a statement of explanation?

    This topic has been closed for replies.
    Best answer by PhoebeRoberts

    You should enter the 1099-R as it appears and use the indirect rollover to other than a Roth IRA field in the Rollovers section of the 1099-R input.

    1 reply

    PhoebeRoberts
    PhoebeRobertsIntuit Community ChampionAnswer
    Intuit Community Champion
    May 2, 2025

    You should enter the 1099-R as it appears and use the indirect rollover to other than a Roth IRA field in the Rollovers section of the 1099-R input.

      B
      bandb2Author
      Level 4
      May 3, 2025

      Thank You. Should I include a Statement of Explanation or not necessary?

      abctax55
      abctax55
      Level 15
      May 3, 2025

      Not necessary... no one at the IRS reads 'em.   

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