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Level 2
posted Mar 23, 2020 8:23:55 AM

1099R code 7 for regular distribution. TT asks, yes or no, if taken b4 59 1/2. Check no but yes is checked when I review the page. Anyone else having this problem?

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1 Best answer
Expert Alumni
Mar 23, 2020 1:15:15 PM

Please check line 15 of your 1040.  This is other taxes.  If it's zero there was no penalty.  If there is a number there it is detailed on Schedule 2.

 

In the Desktop/CD version you can see this in the FORMS mode.

 

To view it Online go to

  1. Tax Tools on the main menu bar
  2. Tool
  3. View my 1040

12 Replies
Expert Alumni
Mar 23, 2020 8:55:14 AM

What is the age listed in the personal income section? It may show under age 59 1/2.

Level 15
Mar 23, 2020 8:59:30 AM

Why are you going back?  If you edit or review a 1099R it does not keep your answers from before but resets them to the defaults. Then you have to go through and answer them all again.   They are right unless you go back.

Level 2
Mar 23, 2020 9:28:25 AM

Thanks very much for the rapid response, it is very much appreciated.  I questioned the reset because the subsequent questions did not reset to the defaults.  I'm not sure why it even asks the question as the code covers this if it is correct.  Anyhow, I really appreciate the feedback and I'm going with it.

Level 15
Mar 23, 2020 9:47:25 AM

It's odd that the payer would have used code 7 if the distribution was made before you reached age 59½.  Perhaps the payer does not have your correct date of birth.

Level 2
Mar 23, 2020 10:43:10 AM

Thanks for the feedback.  The payer knows my correct birthday.  It is Turbotax that asks if I received the distribution before 59 1/2.  When I check "no" I did not take it before 59 1/2, it defaults back to "yes".  Subsequent questions do not default back to an answer other than one I have chosen.  And yes, Turbotax has my correct birthday as well.

Level 2
Mar 23, 2020 10:46:31 AM

Thanks for the feedback.  I checked and the age is correct.

Level 15
Mar 23, 2020 12:10:03 PM

Sorry, I had the yes/no question backwards.  Ignore my concern.

Level 2
Mar 23, 2020 12:33:21 PM

No problem.  I really appreciate anyone who takes the time to respond.

Expert Alumni
Mar 23, 2020 12:39:51 PM

Are you being assessed the penalty tax? 

Please check Schedule 2 line 6. 

Level 2
Mar 23, 2020 12:54:52 PM

Thanks for the response.  I've checked and birthdate is correct under personal info in the program.  I'm not sure why it's even asking the question.  The code is correct and I'm over 60.  If the birthdate indicated otherwise then an applicable increase in the tax should be evident for an early withdrawal one would think.

Expert Alumni
Mar 23, 2020 1:15:15 PM

Please check line 15 of your 1040.  This is other taxes.  If it's zero there was no penalty.  If there is a number there it is detailed on Schedule 2.

 

In the Desktop/CD version you can see this in the FORMS mode.

 

To view it Online go to

  1. Tax Tools on the main menu bar
  2. Tool
  3. View my 1040

Level 2
Mar 23, 2020 2:05:24 PM

Thanks very much for the feedback.  This definitely has me headed in the right direction.