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Ask R. Greg Paszkiewicz Your Own Question
R. Greg Paszkiewicz
R. Greg Paszkiewicz, Enrolled Agent
Category: Tax
Satisfied Customers: 357
Experience:  9 years preparing tax returns - Marietta, GA
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1099

Customer Question

A $13,000 1099-R was filed by our bank. We received $5000 cash and rolled $8,000 to an IRA? Is it correct for the bank to have filed a 1099-R and is it the correct amount?

The distribution went directly to the Bank and the Bank gave us $5,000 and put $8,000 into a Mass Mutual IRA.

The distribution was made by my husband's employer.

Also my husband is disabled and they have the 1099 catagorized as a 1 and we believe it should be catagorized as disabilty (I think a 3).

Submitted: 11 years ago.
Category: Tax
Expert:  R. Greg Paszkiewicz replied 11 years ago.
The bank was correct to file a 1099-R but they seem to have filed it incorrectly. From what you have said the $8000 should have been classified as a direct rollover and coded G on the 1099-R and the remaining $5000 should have been coded as a disability distribution which is not subject to the 10% penalty. In the past, when I have run in to miscoding situations I have simply changed the 1099-R codes to reflect what they should be. I have not had any problems with the IRS, as long as you keep the documentation on the rollover and proof of your husband's disability (usually a letter from a doctor) then you should not have any problems.

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