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Retirement tax questions
A code 7 is *your* IRA and NOT an inherited IRA, so the interview will be different - that might work as a workaround UNLESS there is an amount of Federal tax withholding in box 4. Then the IRS will receive a copy of what you entered for the 1099-R and entering a code 7 in place of a code 4 is sure to receive an audit letter from the IRS. (If nothing in box 4, then ONLY the 1040 is sent to the IRS and not the 1099-R that you entered.)
**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.**
‎January 21, 2021
8:10 PM