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Retirement tax questions
The Form 1099-R must be entered as received. The 1 in box 7 indicates that the amount in box 2a is subject to an early-distribution penalty because you were under age 59½ at the time of the distribution. Box 5 should show the amount of your investment in the contract and box 2a should show only taxable gains, the amount in box 1 minus the amount in box 5 (but not less than zero).
February 17, 2024
10:09 AM