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Level 1
posted Mar 31, 2024 1:46:49 PM

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?

0 2 1565
2 Replies
Level 15
Mar 31, 2024 2:05:17 PM

@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 2:08:21 PM

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