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SEP IRA return of contribution
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woodchelle
Level 2
03-09-2023
09:34 AM
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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?
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qbteachmt
Level 15
03-09-2023
05:26 PM
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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.
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