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Retirement tax questions
A code 1 indicates a early distribution (under age 59 1/2) from a retirement account other then a Designated Roth account. If the IRA/SEP/SIMPLE box is checked then is is an IRA, otherwise if could be a 401(k) or other type of retirement account. Usually the box 1 or box 2a (if there is a box 2a) is the taxable amount.
A code 1B indicates a early distribution (under age 59 1/2) from a Designated Roth account. Usually the box 2a is the taxble amount.
Enter the 1099-R's and answer the follow-up questions to determine the actual taxable amounts.
**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.**
ā€ˇFebruary 2, 2021
8:33 AM