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josa27
Level 1
June 30, 2020

1099-R and 1099-B for ESOP withdrawal

  • June 30, 2020
  • 1 reply
  • 10 views

My client who is 57 years old withdrew from her Employee Stock Ownership Plan (ESOP) due to financial hardship.  However, during tax time, she was given two 1099s - 1099-R and 1099-B for the same amount of $34,972.38. Should I input both amounts in her tax return? Wouldn't she be taxed twice for the single withdrawal?

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    1 reply

    qbteachmt
    qbteachmt
    Level 15
    June 30, 2020

    You can only sell something you possess with the right to sell it; or the distributions could have meant taking possession by rolling/transferring into a different plan. The 1099-R is the distribution document and the 1099-B is the sale. The R establishes basis and any taxable amount because of the distribution, and the B gives gain or loss.

    Here:

    https://ttlc.intuit.com/community/retirement/discussion/i-received-1099r-and-1099b-for-the-same-esop-sale-should-i-enter-both-forms-or-just-one-i-do-not/01/721253

     

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