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Retirement tax questions
If you receive a 1099-R with a code M in box 7 then the box 1 amount will be taxable income to you unless you can replace that money with other funds and roll it into a Traditional IRA before the due date (including extensions) of the tax return for the year on the 1099-R. You must instruct the IRA custodian that this is a 1099-R code M rollover for them to allow the contribution.
**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.**
‎July 20, 2020
4:13 PM