Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Industry Discussions
- :
- Tax Talk
- :
- Re: SEP IRA return of contribution
SEP IRA return of contribution
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
woodchelle
Level 2
03-09-2023
09:34 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
1 Comment 1
qbteachmt
Level 15
03-09-2023
05:26 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
