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Get your taxes done using TurboTax
In answer to these questions:
What is the code in box 7 of these Forms 1099-R? Is the IRA/SEP/SIMPLE box marked?
7, and IRA is checked.
If the IRA/SEP/SIMPLE box is not marked, is the taxable portion shown in box 2a of the Forms 1099-R?
Confusingly, the gross distribution value is also given as the taxable amount on line 2a, but the Taxable Amount Not Determined box is checked on line 2b. I asked the bank to send a correct 1099-R but they will not do that.
March 10, 2025
9:39 AM