I left a job with a 403-b, I received a check saying that my 403-b had been terminated. I've not received a 1099-R & need to know a code for box 7? Early distribution no exceptions even tho I did not ask for the distribution?
You haven't received 1099-R yet... but you will; the employers/payers of 1099-R have until Jan 31st to issue the forms; you may get it within next few weeks.
I strongly recommend that you don't file and don't prepare entries until you actually receive the form. The code in box 7 is the most important part of the form, as it determines if and how much is taxable, and if you have to pay any penalty. Only the administrator of 1099-R will know the code.
And you are correct - even though you didn't ask for the distribution, you may still be subject to penalty, based on the code in box 7. When you enter your form, TurboTax will give you a list of exceptions for which you may qualify. If none apply to your situation, you'll be subject to additional 10% tax, unfortunately.
You haven't received 1099-R yet... but you will; the employers/payers of 1099-R have until Jan 31st to issue the forms; you may get it within next few weeks.
I strongly recommend that you don't file and don't prepare entries until you actually receive the form. The code in box 7 is the most important part of the form, as it determines if and how much is taxable, and if you have to pay any penalty. Only the administrator of 1099-R will know the code.
And you are correct - even though you didn't ask for the distribution, you may still be subject to penalty, based on the code in box 7. When you enter your form, TurboTax will give you a list of exceptions for which you may qualify. If none apply to your situation, you'll be subject to additional 10% tax, unfortunately.