Solved
What kind of plan is marked 7 in the block 7 on the 1099R
No text available
This is Normal distribution. It can be for a variety of plans:
(a) for a normal distribution from a plan, including a traditional IRA, section 401(k), or section 403(b) plan, if the employee/taxpayer is at least age 591/2;
(b) for a Roth IRA conversion if the participant is at least age 591/2; and
(c) to report a distribution from a life insurance, annuity, or endowment contract and for reporting income from a failed life insurance contract under section 7702(g) and (h). See Rev. Proc. 2008-42, 2008-29 I.R.B. 160, available at IRS.gov/irb/ 2008-29_IRB/ar19.html.
Generally, use Code 7 if no other code applies. Do not use Code 7 for a Roth IRA.
Note. Code 1 must be used even if a taxpayer is 591/2 or older and he or she modifies a series of substantially equal periodic payments under section 72(q), (t), or (v) prior to the end of the 5-year period which began with the first payment.
