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Level 1

Question

1099 R

Forum|Forum|4 years ago
February 7, 2022
2 replies
24 views

I received a 1099 R that showed Code 1 for the distribution in Box 7. This was for a settlement from a pension fund. I am over 59 1/2 so didn't think I should be charged the early withdrawal penalty. How do I do this?

Level 15

Yes, the code in Box 7 should not be Code 1 if you are over age 59 1/2. You should contact the issuer of the form and request a corrected version. You can't change the code yourself. You must enter the form exactly as it appears.

Level 15

If the issuer will not correct the code on the Form 1099-R, you can claim an Other reason exception to the early-distribution penalty (the "other reason" being that you were over age 59½ at the time of the distribution, one of the reasons listed in the instructions for using code 12 on line 2 of Form 5329).