- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Code 2 in box 7 of a 1099-R means you have an early distribution. For one, you will have to pay the early distribution 10% penalty. Whatever additional tax you pay will depend on your cost basis in the account.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 10, 2020
6:50 PM