I took a CARES act withdrawal and received a 1099-R... The Box 7 distribution code says 1B... there is no option for 1B on turbotax... only 1

[Irene2805]

On the 1099-R entry form, there are actually two areas in box 7 for codes. 

TurboTax CD/Download

There are two boxes to enter codes.  Select 1 from the drop-down list in the first box and select B from the drop-down list in the second box.  [See Screenshot #1, below.]

TurboTax Online

Click the box I have more than one value in Box 7 and a second Box 7 will appear. Select 1 from the drop-down list in the first box and select B from the drop-down list in the second box. [Screenshot #2]

Screenshot #1

Screenshot #2

[gulsheenk]

I received 1099-R with box 7 distribution code of 1B as well with taxable amount of $0.  Google search (link below) states Code 1 is for early distribution, but I have not withdrawal any funds. Yes, I had canceled my Long Term Care account as well.  Why would that generate 1099 1B form ?

https://thelink.ascensus.com/articles/2020/12/16/irs-form-1099-r-box-7-distribution-codes

[CatinaT1]

You are correct that a 1 is for early distribution. The B means it came from a Roth IRA. The taxable amount would be $0 since it came from a Roth account, but since it was an early distribution, you will see a 10% penalty for early withdrawal calculated on Form 5329.

Topic No. 557 Additional Tax on Early Distributions From Traditional and Roth IRAs

[gulsheenk]

Sorry, it's still not clear.  I did NOT withdraw any $ from my Roth account.  

I had canceled my Long Term Care account, but still not clear why it would generate 1099 1B form. Please clarify.  I am referring to the Cares act as it is in the title of this question. 

Thanks!

[CatinaT1]

You should probably call the company you received your 1099-B from and ask for an explaination.