Box 7 of your Form 1099-R should be coded as a "7". This is correct!
Per the instructions for Form 1099-R:
Use Code 7: (a) for a normal distribution from a plan, including a traditional IRA, section 401(k), or section 403(b) plan, if the employee/taxpayer is at least age 591/2; (b) for a Roth IRA conversion if the participant is at least age 591/2; and (c) to report a distribution from a life insurance, annuity, or endowment contract and for reporting income from a failed life insurance contract under section 7702(g) and (h). This would be for a qualified plan.
Use Code Q: for a distribution from a Roth IRA if you know that the participant meets the 5-year holding period and: • The participant has reached age 591/2, • The participant died, or • The participant is disabled. Note. If any other code, such as 8 or P, applies, use Code J. None R—Recharacterized IRA contribution made for 2022.
Enter your Form 1099-R into TurboTax as it is shown and TurboTax will properly enter your pension distribution on your tax return.
Click here for information on entering your Form 1099-R in TurboTax.
Click here for instructions for Form 1099-R.
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