Dragons
Delusions of Grandeur
Last year, I took (and qualify for) a Covid hardship withdrawal from my 401k, which I split between regular 401k contributions and Roth 401k contributions.
I received a 1099 for each type. The info reported on the 1099 for the regular 401k looks correct. If I am electing to split the taxes over 3 years, it appears that form 8915-E has me enter 1/3 of the withdrawal. Should this value be entered in Box 2A or both Box 1 and 2A in my tax program (H&R Block)?
The 1099 for my Roth 401k includes incorrect information. It is marked with B2 in Box 7, but the incorrect value is reported in Box 5 and Box 11. Box 2a is reporting the amount of Box 1 minus box 5. If I enter this data, as-is, into the tax program, taxes are calculated on the value of box 2a.
Since this is a Roth, should the Roth 1099 show $0 in Box 2a? Or is this the correct way to report? If it is correct, how do I account for it being a non-taxable Roth? Since Box 7 is marked B2, do I just ignore reporting this 1099? (i.e. will the IRS automatically know this is non-taxable and non-reportable due to the B in box 7?)
Or is this a problem with my tax program by calculating additional tax when code B is present?
I have reached out to our 401k company and they are saying the information is correct. So, I found and sent them my records from 2006 and 2007 that show my Roth contributions to prove Box 5 and Box 11 have incorrect data. I don't know whether these fields are that important or whether I need to push to have it corrected.
I received a 1099 for each type. The info reported on the 1099 for the regular 401k looks correct. If I am electing to split the taxes over 3 years, it appears that form 8915-E has me enter 1/3 of the withdrawal. Should this value be entered in Box 2A or both Box 1 and 2A in my tax program (H&R Block)?
The 1099 for my Roth 401k includes incorrect information. It is marked with B2 in Box 7, but the incorrect value is reported in Box 5 and Box 11. Box 2a is reporting the amount of Box 1 minus box 5. If I enter this data, as-is, into the tax program, taxes are calculated on the value of box 2a.
Since this is a Roth, should the Roth 1099 show $0 in Box 2a? Or is this the correct way to report? If it is correct, how do I account for it being a non-taxable Roth? Since Box 7 is marked B2, do I just ignore reporting this 1099? (i.e. will the IRS automatically know this is non-taxable and non-reportable due to the B in box 7?)
Or is this a problem with my tax program by calculating additional tax when code B is present?
I have reached out to our 401k company and they are saying the information is correct. So, I found and sent them my records from 2006 and 2007 that show my Roth contributions to prove Box 5 and Box 11 have incorrect data. I don't know whether these fields are that important or whether I need to push to have it corrected.
