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1099R Box 7 Code 1 includes 1st time home buyer exception according to the IRS, but in TurboTax, Code 1 has "no exceptions". Can someone help?
IRS "Instructions for Forms 1099-R and 5498 (2017)" page 15, indicate that code 1 should be the distribution code in BOX 7 of form 1099-R if the first time home buyer exception applies; however in TurboTax, if I enter distribution code 1, it applies the additional tax penalty. I think the TurboTax program may have an issue here. Can someone help?
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May 31, 2019
11:37 PM