Yes, the code in box 7 of your 1099-R form is a description of the type of retirement distribution you have.
If box 7 of your 1099-R form shows code 7, the distribution will be shown as a normal, not early, distribution.
If your box 7 shows a different code, as it will with Roth accounts, you need to answer some follow-up questions to show whether the distribution is taxable, nontaxable, qualified, early, normal or an exception applies.
To resolve this, review the box 7 code and the follow-up questions:
- Open your return.
- Select Federal, then Wages & Income.
- Scroll down to IRA, 401(k), Pension Plan Withdrawals (1099-R), under Retirement Plans and Social Security, select Start or Revisit to the right.
- Answer Yes to Did you get a 1099-R in 2023?
- Select Edit to the right of the 1099-R form in question.
- Review what's entered in TurboTax, even if you imported the information.
- Answer the rest of the questions in the section.
- When you get back to your 1099-R summary, select Continue and you will get at least two more questions, one of which will be Owned Any Roth IRA for Five Years?
- Keep going until you are returned to the Income summary.
If you still have questions after reviewing this section, respond back with the box 7 code and a brief description of the distribution.
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