2007-03-14 21:28:31 · 7 answers · asked by bob 1 in Business & Finance ➔ Taxes ➔ United States
If you don't report it you will get a notice assessing additional tax interest and penalties. The company that sent you the 1099R also sent a copy to the IRS.
2007-03-14 23:08:29 · answer #1 · answered by waggy_33 6 · 2⤊ 0⤋
Well, it is "IRS Form 1099R". The purpose of the form is to let you know what has been sent to the IRS.
If there is any dollar amount in Box 2 "Taxable Amount" of the 1099R, or if Box 2 is empty and the little box "Taxable Amount Not Determined" is checked, then you must figure the 1099R into your taxes.
2007-03-15 13:15:40 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
Yes they will. They get a copy of all 1099's, and at some point compare those to tax returns filed. If they find that your return didn't include one, you'll get a letter telling you how much extra tax they have calculated that you owe, and a date to pay it by unless you can prove you don't owe the extra.
It can be months, or even over a year, before you get the letter from them. You'll owe interest on the overdue amount.
2007-03-15 23:59:07 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
you should assume that the irs has an exact copy of every w2 and every 1099 that you have received. that includes 1099-MISC, 1099-INT, 1099-DIV, 1099-R, etc. the people that pay you are required to complete these forms and send one copy to you and one to the irs. if you exclude any of these you will almost certainly get an automated letter with a request for additional payment.
2007-03-15 10:00:37 · answer #4 · answered by Ovrtaxed 4 · 0⤊ 0⤋
Yes, and you will have to pay a fine for not claiming it, along with any money you owe from your 1099, since they don't take taxes out of a 1099.
2007-03-15 06:43:43 · answer #5 · answered by chefck26 4 · 0⤊ 1⤋
Of course they will! They already have a copy of it!
2007-03-15 04:31:46 · answer #6 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Yes, and fast.
2007-03-15 11:05:02 · answer #7 · answered by Just Mee 2 · 0⤊ 0⤋