How do you recharacterize a 1099R coded incorrectly as a taxable distribution when it was truly a rollover?

Forum|Forum|4 years ago
April 10, 2022
1 reply
14 views

I worked with Live Chat rep and they could not make the software work to show the improperly coded distribution as non taxable.

ProConnect Tax

This topic has been closed for replies.

qbteachmt

Level 15

The 1099-R is not coded incorrectly; it is coded for what this Issuer knows.

If the taxpayer then rolled it, it's up to the preparer to enter the 1099-R as issued, then mark that it was rolled per qualifications. Was it rolled including compensating for withholding?

Don't yell at us; we're volunteers

A

AnmarieAAuthor

Level 5

So where do I indicated rolled per qualifications? Where in the software does it allow you to record that it is not taxable. Their financial advisor informed me that the funds were a trustee to trustee transfer and the Client never had access to the money. Nevertheless how do you make the transaction NON taxable in the software as the -1 in taxable does not work and chat could not assist me on making it work?

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AnmarieAAuthor

Level 5

I figured it out and kept the 1099-R as issued and then indicated an indirect rollover.

Thanks for your assistance!

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