Yes, you do have to file the 1099-R, and you have to file it for the year that you received the distribution.
Some distributions on the 1099-R aren’t taxable. Box 7 has distribution codes that determines how the distribution is treated on your tax return.
- Code 1 means the distribution is subject to an additional 10% tax because the taxpayer is below 59 ½.
- Code 7 is assigned to normal distributions. This type of distribution is taxable but not subject to the additional 10% tax if the taxpayer is under age 59 ½.
- Code G designates a rollover between retirement accounts. This type of distribution is not taxable.
While Roth IRA distributions are generally not taxable, they may be subject to early withdrawal penalties if taken before age 59 ½.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
