December 18, 2020

1099 Form 2023 Printable

1099 Form 2023 Printable good day this is Donna Braun from DB Tax Solutions located in Lake Rio near bud North Carolina today my quick tip is about your incorrect ability to or, form 1099 arm so it's towards the end of February ship she should have gotten all your documents and you discovered that. Your w-2 it has incorrect information in it so to quickly solve that problem you can request a with your employer to give you a corrected version sometimes that could, take time and you want to file your tax return right away so you, can get your refund as soon as possible, so there's a form that you can use it's called IRS form 48:52 and it is a substitute for for w2 w2 and 1099 R so you just, fill out this information right here the corrected amounts and information and right here you explain how you came up with this an amount and, what you've done in your part to obtain a corrected version from, your employer so another situation where you would need this form is incorrect. And a human are or say for example a taxpayer try to roll over there IRA retirement funds to another IRA retirement fund and so you're, the custodian of your IRA funds we drew that money and put it into your regular bank account before transferring so that's called the indirect rule over so you have 60.

Days to have that transferred so that there's no tax consequence no tax liability however doing.

That produces a 1099 our form saying that you, just had a gross distribution say for example one hundred thousand dollars of your IRA funds and meanwhile all you're trying to do is trying to transfer it from from one I our account to another, IRA account, so there shouldn't be any problem right so but when they do that is going to think that hey you have withdrawn all your IRA funds and now it's taxable so you would. Use this form to correct that tonight are saying that you did it and you explained the information and, you attach also a statement from your broker or your custodian of, your RA explaining or whatever the form they have showing that it is a just roll over to another IRA and not a distribution to you personally so that's.

The form that you can use and so by.

The time that gets corrected by the bank for example if it's corrected that form 5498 will come out in may they'll mail it, may let you in me so that's after the tax deadline so you would want to use this so in the meantime while you file your tax return you're not incurring any tax, liability so, that's my good tip for today if you would like to subscribe so you don't miss any quick tips in the future again this is done a brown from DB tax solutions have. A great day and we'll see you next time .

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