I have a 1099R for my rollover I received from my husbands retirement during our divorce. The amount of the 1099R says 81,750.04. This is correct, however, when I took the check to my bank to put in the IRA, I took a distribution as well. So I actually only deposited 60,000 into the IRA. How do I report this when the 1099R only shows the 81,750.04?
Enter the 1099-R as it is reported, then on the follow up pages answer what you did with the money. One of the selections is 'you did a combination of rolling over, converting, or cashing out the money'.
Thank you for the help. The 1099r reports in box 7 the code G. So those questions do not show up. I would have to change box 7 for 1 for early withdraw for those questions to show up. I know I can't just change the 1099 info. should I create a substitute 1099r to show the taxable amount? If so, do I still report the original 1099r?
You should check with the payer. If you were to roll the entire sum over and chose not to, then the payer will need to issue a corrected 1099-R form. Do not create a substitute 1099-R for this situation.