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lrcaston9
New Member

I have a question about my 1099-R. I am filing my taxes and in the section under "These Situations May Lower Your Tax Bill" there is an option to select "Other Reason"

I see this option "The deferred annuity contract was purchased by your employer, because their retirement plan or retirement annuity plan terminated, and the employer held the annuity contract until you stopped working there".  My plan was terminated but I'm still working there.  Can I enter the amount in the other reason section?
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1 Reply

I have a question about my 1099-R. I am filing my taxes and in the section under "These Situations May Lower Your Tax Bill" there is an option to select "Other Reason"

No.  Only these situations can go under other.

 

Other. The following exceptions also apply.

Distributions incorrectly indicated as early distributions by code 1, J, or S in box 7 of Form 1099-R. Include on line 2 the amount you received when you were age 591/2 or older.

Distributions from a section 457 plan, which aren’t from a rollover from a qualified retirement plan.

Distributions from a plan maintained by an employer if:
1.
You separated from service by March 1, 1986;
2.
As of March 1, 1986, your entire interest was in pay status under a written election that provides a specific schedule for the distribution of your entire interest; and
3.
The distribution is actually being made under the written election.

Distributions that are dividends paid with respect to stock described in section 404(k).

Distributions from annuity contracts to the extent that the distributions are allocable to the investment in the contract before August 14, 1982. For additional exceptions that apply to annuities, see Tax on Early Distributions under Special Additional Taxes in Pub. 575.

Distributions that are phased retirement annuity payments made to federal employees. See Pub. 721 for more information on the phased retirement program.

Permissible withdrawals under section 414(w).

Distributions that are qualified disaster distributions.

 

https://www.irs.gov/pub/irs-pdf/i5329.pdf

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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