1099-R Not Reflecting Payback of Distribution

[peggysioux]

Taxpayer took a distribution in 2015 of $50,000 but paid it back within the required 60 days (I have statement showing the payback date); however, the 1099-R shows box 1 and box 2 the same. Shouldn't box 2 show $50,000 less than box 1? Taxpayer contacted investment company and was told that the "tax-free roll-over" will be reflected in the 5498 when issued. Am I missing something?

Peggy Sioux

[spanel]

Taxpayer took a distribution in 2015 of $50,000 but paid it back within the required 60 days (I have statement showing the payback date); however, the 1099-R shows box 1 and box 2 the same. Shouldn't box 2 show $50,000 less than box 1? Taxpayer contacted investment company and was told that the "tax-free roll-over" will be reflected in the 5498 when issued. Am I missing something?

Peggy Sioux

Nope. You should have the ability in your software to show it was rolled over and make it non taxable.

Chris

[taxea]

surely the TP can get a document that verifies the payback so you don't have to wait on the form