1099R Form - distribution code incorrect

Forum|Forum|2 years ago
February 2, 2024
2 replies
3 views

Hello,

In reviewing my 1099R form for a withdrawal I made from my IRA, I must not have put down an exception at the time of the withdrawal request. Right now box 7 has "1" for the distribution code, however it should be "7" as I was paying health insurance and medical bills out of pocket while unemployed. I spoke to a representative at my investment company and they stated they cannot make changes to the 1099R form. Is there something I can do on my taxes to remedy the error?

Thanks for your help!

Not A Product Question

DoninGA

Level 15

You enter the Form 1099-R as received. If there is an exception to the early withdrawal penalty you will have an opportunity to enter the amount of medical expense you paid which were greater than 7.5% of your AGI on a later screen where you will be asked about exceptions.

dmertz

Level 15

Code 1 is correct if you were under age 59½ at the time of the distribution. The penalty exception is required to be claimed on Form 5329 as DoninGA described.