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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Re: 1099-R Code 4
1099-R Code 4
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Summit1
Level 5
03-15-2022
05:39 PM
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Client received a 1099-R with code 4 for deceased spouse. The IRA was moved by Broker from Deceased IRA owner to his spouse. Since she had her own IRA at the same institution, they moved the funds to her account and told her it would not be taxable. Box 1 and Box 2a contain the same amount. 2b taxable amount not determined is marked and total distribution is marked.
My experience makes me believe that this is going to cause a problem.
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qbteachmt
Level 15
03-15-2022
05:49 PM
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So far, it seems fine. Read what the IRS tells you:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary
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