I just filed my taxes (just in the nick of time, I know) and after I submitted them and went to put my tax folder away, I found a 1099-R from my former employer saying my gross distribution from my retirement fund was $193.38. I didn’t include that in my tax filing. It says my taxable amount is $0, but should I be scared??? I know I’m not gonna, like, go straight to jail or anything but it makes me nervous. Sorry if this is a stupid question.
Please be kind, I’m young and stupid and scared, and this is my first time doing my taxes on my own after leaving my fiancé.
Edit: great news — the IRS accepted my return! Now I’m going to cry tears of relief
Posted by Ghost_Puppy
9 Comments
What did you do to get that 1099-R?
What is the distribution code in box 7 of the 1099-R?
Is anything checked in box 2b?
Did you rollover an IRA or something? What boxes are filled in?
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A 1099 R will be given if you do a rollover out of the employer plan. That’s likely what happened here. The taxable amount is 0 because a rollover isn’t a taxable event if done properly.
Just know that people screw up their taxes ALL THE TIME. If the IRS has a different number than you, they’ll just mail you the correct numbers with a bill or a refund. People file amended taxes regularly. Making a mistake does not mean you’ll get into any trouble so don’t panic. You have time, it’s not a big issue at all, nothing to be worried about.
Just because they accepted doesn’t mean they won’t come back. I didn’t report a distribution from a 401k once, by accident, and they came for their money 3 years later. They basically said pay us what you owe or contest it by x date. I paid and never heard from them again.
Errors happen and you aren’t going to jail for making a mistake. You might go to jail for not filing.
To be clear, “accepting” the return does not at all mean you are in the clear. I’m not saying you would for this error but you absolutely could get a letter or audit notice in the mail even years down the road. Keep all your records and paperwork in a file somewhere in case you do.
Relax. IRS is surprisingly chill when it comes to small, unintentional errors.
With the taxable amount (box 2a) as zero, there is likely nothing you need to do. Even if there were a taxable amount, you could simply file an amended return (now that your e-file has been accepted) and remit the small amount of tax due.
What is the distribution code in box 7? That may help in figuring out where the money went.