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1099-R Box 7, code 7 Plan Cost
I am trying to enter in a 1099-R form from my Mt. Teachers Retirement pension. I retired a few years ago prior to turning 59 1/2 years old and have all the prerequisites from having to declare "early withdrawl" I turned 60 during this tax year. My 1099-R box 7 code went from a 2 to 7. In doing so, the turbotax tax form is asking me to enter a plan cost. I have seen a couple explanations of plan cost: one said "it is what you have contributed to your plan prior to your first distribution (my first pension check), the second explanation said "plan cost is what you have contributed after your first distribution. Which one is correct?
March 15, 2025
6:13 PM