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1099R "heads up"

PATAX
Level 15

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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PATAX
Level 15

You are welcome. We have to help each other.

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3 Comments 3
dd4vols
Level 10
Level 10

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

If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.
BobKamman
Level 15

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

PATAX
Level 15

You are welcome. We have to help each other.

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