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woodchelle
Level 2
March 9, 2023

SEP IRA return of contribution

  • March 9, 2023
  • 1 reply
  • 8 views

Client distributed $7,200 from his SEP IRA in 2022 of which $2,400 was return of contributions made in 2022.  1099-R doesn't reflect the return.  How do I reflect the return on the 1040 in Proseries?

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    1 reply

    qbteachmt
    qbteachmt
    Level 15
    March 9, 2023

    The issuer of that 1099-R issues what they know about = the distribution. They are not going to reflect what got spent vs what got converted vs what got rolled over.

    Read this to see if they qualify:

    https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-distributions-withdrawals

    That helps you know how to indicate your taxpayer has a partial rollover (return) that may or may not be subject to the 2 year rule, for instance. Or, other penalty; and basis and taxable amount.

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