There are chances that you can come across IRS reject code F1099R 502 02 when e-filing your returns. This denial error means that the employer’s name or the EIN (employer identification number) entered from form 1099-R does not correspond to the information in the IRS records.Â
Besides this, you may also encounter the FW2-502 and FW2-505-01 which also states errors relating to the EIN or employer’s name.Â
What are the Reasons for the Reject Code F1099R-502-02 to Occur?
Several reasons can lead to the reject code F1099R-502-02 arising. The primary cause can be mistyping the nine-digit EIN. Sometimes it can also have a missing number that leads to a denial code from the IRS. Other factors that contribute to this error are as follows:
- Information in IRS records does not match those of the payer.
- There is missing information or the form 1099 R is incorrect.
- Returns have been filed with no EIN. EIN is not given to a foreign payer. Hence, you need to mail your returns.
- There was an unexpected error while importing form 1099 R into the TurboTax application.
Whenever filing returns in the application, ensure to have your form 1099 R ready. Follow any specific guidelines to fix F1099R-502-02 reject code and resubmit your returns.
What are the Methods to Troubleshoot F1099R 502 02 in TurboTax?
If you want to troubleshoot F1099R 502 02 in TurboTax Online. Carefully follow the steps given below:
- Go to TurboTax Online
- Log in with your username and password
- Once done, choose to Fix My Return.
- Pick Fix it Now
- The instruction given needs to be followed thoroughly.
- Look for form 1099 R using the search bar
- Pick out the Jump To link
- Go to Federal Income Section
- Find for 1099 R
- Next to 1099R.
- Pick Edit.
- Continue to Enter your 1099 R display.
- Once done, compare Payer Name and EIN.
- Ensure that the name and the EIN match with that of the application and 1099 R form.
- If corrections are needed, correct them.
- Click Continue.
- If there are additional 1099 R forms, repeat the steps.
- When finished, choose File.
- On the welcome back screen, choose Continue.
- Do not Pick the Fix my Returns tab.
- To complete the filing procedure, follow the guidelines.
- If denial persists, delete 1099 R and re-enter it.
- On the Federal Income Section
- Locate form 1099 R
- Once done, choose Edit.
- Delete the old form.
- You will be asked Are you sure you want to delete
- Choose Yes.
- Manually re-enter your 1099 R form.
- Resubmit.Â
Frequently Asked Questions
The error code F1099R-502-02 means that there is an error on the taxpayer’s tax return related to Form 1099-R. Specifically, it indicates that the Payer EIN entered on the tax documents doesn’t tally with the IRS database.
If you receive this error code, you should verify the Payer EIN on your Form 1099-R matches the information entered on your tax documents.
No, you cannot file your tax return electronically if you receive this error code. You will need to correct the error and resubmit your tax return electronically or file a paper return.
Ensure that the Payer EIN on your Form 1099-R matches the information entered on your tax return.
If you do not correct this error, you may experience delays in receiving your refund or may be subject to penalties and interest on any taxes owed.
If you need help correcting this error, you can contact a tax professional or the IRS for assistance.
