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Can i file a tax return with 1099-R as it is my only source of income.?

Asked by: bellmont 485 views YA Discussion

I was not employed during 2012 so I will not receive a W-2. Federal taxes were withheld from the income on my 1099-R and I also have a 1098 (for mortgage interest) that I can report.


2 Answers



  1. Bostonian In MO on Jan 31, 2013 Reply

    If the 1099-R was for an early distribution from an IRA or 401(k) or most other tax deferred accounts, you must file a return even if the amount is less than your filing requirement amount. You have to account for the 10% early distribution penalty regardless of your income or income tax liability.

    If it was not an early distribution you must file if it’s more than your filing requirement amount. Your mortgage interest and property taxes may or may not reduce your tax liability.

    If it was not an early distribution and was less than your filing requirement amount, you should file to have the income taxes that were withheld refunded to you.

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  2. TaxMan on Jan 31, 2013 Reply

    Not only “can” you file a tax return with your only income coming from a 1099-R, you “should” file a federal tax return. For no other reason that to claim the withholding. I can’t say, without a lot more information, whether you will be looking at a refund or whether you will owe, but one of the following statements is definitely true:

    1) You don’t technically need to file because your income is below a certain threshold, but by filing, you will be able to get a refund from the amount you had withheld (box 4 of the 1099-R)

    2) You need to file because your income is over a certain threshold

    If you qualify to itemize, by all means, please do so. Report mortgage interest, real estate tax paid, and anything else that would go on form 1040 Schedule A.

    Cheers!

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