During my run-check of my federal return, TurboTax program came back with a "Check This Entry".
I entered exactly what Box 7 had reported: "7L". I assume the 1st code = "7". And the 2nd code = "L".
Why is TurboTax not accepting this? And what do I need to do to correct this?
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Double check all your entries. There may be another entry causing the review. I just ran it through with no problem. If the issue persists, delete the form and re-enter. The codes are also probably redundant. Code L is sufficient to indicate the loan.
This is a bug in TurboTax's error checking. TurboTax does not permit code L to be combined with code 7 even though it's permissible based on the instructions for Form 1099-R.
As ColeenD3 indicated, a reasonable workaround is to omit the code 7 and select only the code L. Code L has the same meaning and effect with or without the code 7.
Thank you for this response. It makes more sense to me as well to eliminate the code "7" because code "L" says more clearly the "Loans treated as distribution".
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