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Level 1
Mar 31, 2024 8:46 PM UTC
Question

1099-R Distribution Code Is Incorrect

My wife rolled 100% of her IRA directly into another bank without any distribution but the transferring bank placed a distribution code of 7 in box 7 ofthe1099-R which is the code for a charitable gift annuity.  What is the best way to get this corrected?

    2 replies

    rjs
    Level 15
    Level 15
    Mar 31, 2024 9:05 PM UTC

    @Eagleproud wrote:

    the transferring bank placed a distribution code of 7 in box 7 ofthe1099-R which is the code for a charitable gift annuity.


    Distribution code 7 is a normal distribution, not a charitable gift annuity. (The distribution code for a payment from a charitable gift annuity is F.)

     

    Level 15
    Mar 31, 2024 9:08 PM UTC

    When you report the distribution are you then ask if you rolled it over?