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1099-R Distribution Codes
I converted $125,000 from a traditional IRA directly to a Roth IRA. What should the appropriate distribution code be? My distribution code listed on the 1099-R is "7" which appears to be incorrect. TT is applying a 10% penalty since I was under 59 1/2 at the time of the transaction.
‎February 13, 2025
8:53 AM