My wife inherited her deceased mothers IRA in 2018. The 1099-R box 7 code is 1 w/ IRA/SEP/Simple box marked. Shouldn't the box 7 code be a 4 for death?
My wife inherited her deceased mothers IRA in 2018. The 1099-R box 7 code is 1 w/ IRA/SEP/Simple box marked. Shouldn't the box 7 code be a 4 for death?
Yes. You should contact the IRA custodian about getting a corrected Form 1099-R. At this late date, you may need to file an extension while you wait to resolve the 1099-R issue. If you do file an extension, make sure to pay any tax due on or before April 15.
My wife inherited her deceased mothers IRA in 2018. The 1099-R box 7 code is 1 w/ IRA/SEP/Simple box marked. Shouldn't the box 7 code be a 4 for death?
Yes. You should contact the IRA custodian about getting a corrected Form 1099-R. At this late date, you may need to file an extension while you wait to resolve the 1099-R issue. If you do file an extension, make sure to pay any tax due on or before April 15.
Sign In
