jeffferysr
Level 1

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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Just-Lisa-Now-
Level 15
Level 15

Scroll down the 1099R worksheet to the rollover section.


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qbteachmt
Level 15

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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