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Level 1
posted Feb 22, 2025 10:04:02 PM

1099R follow up question - is this a Qualifed or Non-qualifed Plan

The 1099-R is from John Hancock Life Insurance Co.  Box 7 is Code 7 and the IRA/SEP/SIMPLE box is blank

 

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1 Replies
Expert Alumni
Feb 23, 2025 9:17:34 AM

It is probably NONQUALIFIED.  A qualified plan is a retirement plan through an employer or an IRA.  Most life insurance plans are nonqualified annuities.