jeffferysr
Level 1
02-21-2025
09:56 AM
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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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Level 15
02-21-2025
10:17 AM
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Scroll down the 1099R worksheet to the rollover section.
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qbteachmt
Level 15
02-21-2025
12:32 PM
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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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