@I3abyruth wrote:
A group of us called our retirement associations, I was under the impression that the code should be 2 in distribution box 7 (withdrawal with exemption) . We were all told that TIAA was instructed by the IRS to use code 1 for Covid hardship withdrawals , therefore it was not an error / to be changed. ðŸ˜
Code 1 is correct. It is not up to the issuer of the 1099-R to determine if you qualify for a COVID related distribution that eliminates the penalty - you must certify that yourself to the IRS on the 8915-E form - not everybody qualifies.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
