Alexandra A. asked
I received two 1099-R forms from different companies for the same amount of approximately $19,000, resulting in being taxed for $38,000 instead of $19,000. I retired from General Electric Healthcare in 2020 and had a pension plan through them. In 2023, GE Healthcare transferred my retirement account balance to me, and I attempted to roll it over into a traditional IRA. However, due to the minimum amount required to open an IRA annuity, I had to cancel the annuity and received a refund with federal tax withheld. Now, I am taxed for both the original amount and the annuity amount. How can I avoid being taxed for both amounts on my federal income tax form?
January 22nd, 2024
Joseph J. answered
When you receive two 1099-R forms for the same amount, you should only be taxed on the liquidation a...
January 22nd, 2024
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