Question

I did not know i had to file 1099-r form when I did my taxes and they are already sent to irs???

I filed my taxes thru jackson hewitt, the lady said my money should be directly deposited between 02/03-02/13. Today I received from j p morgan a 1099-r form to be filed with my taxes. I came over hard times and did a withdrawl from my 401-k and I paid taxes on it then but had no clue it was something to be filed. Is this going to cause a delay? what should I do? I'm scared I really need my money and want to make this right......any suggestions.........also when I go to irs wheres my refund they are saying should be received by 02/17....please help????
both answers I received are so similar which leads me to belive i have faith so it won't delay I will just have to pay 10% penalty which is not a problem do you know is the 10% penalty on the amount i withdrew or my ttl refund amt?

5 years ago - 4 answers

Best Answer

Chosen by Asker

This form isn't going to delay the refund. The IRS gets way to many returns to catch the mistake now. They will never catch the mistake now.

However, you will receive a IRS notice telling you your return was wrong after they catch the mistake. At that point they will assess tax and tell you how much you owe.

You can avoid the notice by simply filing a 1040X which is an amended return. Jackson Hewitt will be able to do it for you (unfortunately they will charge you). I would suggest getting the 1040X filed before you receive the refund so that way you will know how much additional tax you will owe and you can set that aside to send it with your 1040X.

5 years ago

Other Answers

Your refund will not be delayed (but don't check the system more than once per week), because at this time IRS is not aware that you filed and incomplete and incorrect tax return, as soon as you receive your refund, then you can amend your tax return by filing Form 1040X. You will have to mail the Form 1040X to IRS and it does take 12-16 weeks to process.
since it is a withdrawal form 401K, you will have a 10% penalty for early withdrawal, so don't spend all your refund because you will owe IRS.

by Ms. Angel.. - 5 years ago

10% on the amount you withdrew

by Pengy - 5 years ago

10% penalty plus taxes at whatever your rate is, but there was probably some withholding, usually 20%. These are on your withdrawal.

by CarVolunteer - 5 years ago