You'll need to sign in or create an account to connect with an expert.
If your Form 1099-R has a code of 1 in box 7 and you have entered the Form 1099-R. You will go through several screens after entering the 1099-R. One of the last screens will be labeled These Situations May Lower Your Tax Bill. Enter the amount of your medical expenses, if applicable, in the box labeled - Medical Expenses (in excess of 7.5% of AGI)
Your 1099-R should show Code 1 in Box 7 - Early distribution (except Roth), no known exception.
You can avoid an early withdrawal penalty if you use the funds to pay unreimbursed medical expenses that are more than 7.5% of your adjusted gross income (AGI).
Thank you all for your responses. My question has been answered.
James
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mccurma
New Member
amyyoung8312
New Member
avadventurespllc
New Member
brandon-quam
New Member
smithbabies3
New Member