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1099-R
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DMD48
Level 1
04-14-2023
06:58 PM
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Client has 1099-r income - annuity. No 1099-R. I know the gross received. I know part is non-taxable and that federal and state tax was withheld but I do not know the amounts.
Prudential never seems to send both the client's 1099-R's every year. Should I report the gross in the inut fiels and leave the other spaces blank and file, paying taxes on the whole amount for now.? Omit the entire amount (doesn't seem right)? File for an extension and have her pay the amount her return says is due?
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George4Tacks
Level 15
04-14-2023
07:02 PM
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I find it doubtful that Prudential is at fault. More likely the client mislaid them.
I would make a good guess, understating the withholding guess and prepare an extension and have the clients pay your guess with the extension. When they get their 1099's in order have them supply them so you can file a true and correct tax return. Be sure your fee includes dealing this is extra step.
P.S. One more reason I hate annuities.
Here's wishing you many Happy Returns
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