Client made excess contribution for 2012, I had excess of 1,500 applied to 2013, they received a 1099R for 2013 for the 1,500. So this does not look like a distribution how do we show that it was applied to 2013, just include a copy of the 1099 R with this years tax form? Please advise.
Thanks
OK. According to this coding, the excess was removed, but if the amount of 1500 removed was the same as the excess there were no earnings on the excess. Instead of sending the funds to the client, the distribution reported on this 1099R was re contributed as a 2013 contribution. For client’s 2013 return, nothing needs to be done unless there is an amount in Box 2a of the 1099R. An explantory statement should have been included on the 2012 return, but now that the IRS has also received this same 1099R, there is no need to do anything more with respect to 2012. THe 1099R should not be sent with the return as the IRS already has their copy.
Permalink Submitted by Alan - IRA critic on Mon, 2014-03-10 18:46
What code is in Box 7 of the 1099R?
Permalink Submitted by steve jackson on Tue, 2014-03-11 15:15
The code in box 7 of the 1099-R is 8J.
Permalink Submitted by steve jackson on Tue, 2014-03-11 15:18
The code in box seven of 1099 R is 8J