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1099R "heads up"

Level 7

Client's 2020 1099-R form had identical gross and taxable income. The 1099R forms for prior years for the same investment and issuing entity had lower taxable income compared to gross income, i.e. basis existed. Issuing entity was contacted and has stated that a corrected 1099R form will be issued that shows taxable income is lower than gross income.

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3 Replies 3
Level 9

Thanks for sharing......................................................

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Level 7

You are welcome. We have to help each other.

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Level 12

Sometimes, though, that means that all of the basis in the pension  has been recovered.