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J
jeffferysr
Level 1
February 21, 2025
Question

Client received A 1099-R with Dist. Code 1M. This amount on the 1099-R was actually rolled over to an IRA. What to do?

  • February 21, 2025
  • 2 replies
  • 11 views

Client received a 1099R with a Distribution code of 1M.  The taxable amount was actually rolled over to an IRA. How do I handle this situation?

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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
February 21, 2025

Scroll down the 1099R worksheet to the rollover section.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    qbteachmt
    qbteachmt
    Level 15
    February 21, 2025

    1099-R is for money Out. They don't know what else happened after this.

    M is loan offset for leaving a job still owing.

    Did your taxpayer put their entire outstanding loan balance into the IRA? Or are they just making payments to their own IRA?

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