1099-R's report distribution from retirement accounts. Did you have a distribution?
What code is in box 7?
Is the IRA/SEP/SIMPLE box checked?
Yes, that could be correct, especially if your distribution code in Box 7 is shown as a “U”.
You will enter the Form 1099-R as you would any other Form 1099-R. The distribution code in box 7 will determine how it is handled on your tax return. The taxable amount will be reported on line 16b of form 1040, but it will not be subject to an early distribution penalty.
To go to the section in TurboTax to enter the information from your Form 1099-R, use these steps: