forgot 1099R
Hello,
I am over 59 1/2 and have had my ROth IRA for over 5 years.
I loaned some money to someone through my Roth IRA (with collateral) a few years ago. I submitted the paperwork to my custodian and they have the collateral in the Roth IRA.
I got paid back directly in 2016 (not through my Roth IRA), but forgot to submit a 1099R.
Can I submit a 1099R this year.
What are the penalty ramifications?
Thanks,
Permalink Submitted by Alan - IRA critic on Fri, 2018-04-06 03:41
The loan repayments should have been made directly to your IRA. If they weren’t, what does your self directed IRA custodian say about that and what did you do with those payments? SD IRA custodians work with these issues 24-7. If there was a prohibited transaction, the IRA custodian should issue the 1099R.