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Retirement tax questions
You should contact who ever issued the 1099R if you think there is a mistake. The code "1" is issued if the distribution was made to a recipient under the age of 59 1/2. Check the social security number on the 1099R to make sure it is yours. If you have someone living with you, its possible a c/o address was used and your name is populating the name field. Check the social security number and it that was correct, I would contact the provider of the 1099R to get the coding changed to "7".
If this represents a Roth IRA and you have not had the funds in 5 years, that may be causing the coding of 1. Talk to who provided you the form to find out more.
ā€ˇFebruary 2, 2021
12:38 PM