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On my 1099-R form, box 7 has a distribution code of 1. I believe it should be 7, normal distribution since I was older than 59 and 1/2 in 20022. Can I change it?

 
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3 Replies

On my 1099-R form, box 7 has a distribution code of 1. I believe it should be 7, normal distribution since I was older than 59 and 1/2 in 20022. Can I change it?

No ... you cannot change it however in the program you will be given the chance to waive the penalty so work thru that 1099-R section carefully. 

On my 1099-R form, box 7 has a distribution code of 1. I believe it should be 7, normal distribution since I was older than 59 and 1/2 in 20022. Can I change it?

@sstarr1309 

 

how old were you on the day you withdrew the money?  THAT is what matters. 

 

your question states that you were older than 59.5 in 2022 - that is immateral for a 2021 distribution. 

dmertz
Level 15

On my 1099-R form, box 7 has a distribution code of 1. I believe it should be 7, normal distribution since I was older than 59 and 1/2 in 20022. Can I change it?

The code is to reflect your age on the date of the distribution, not some other date.  If you were age 59½ or over on the date of the distribution, indicate the amount as qualifying for an Other reason exception to the early distribution penalty.  TurboTax will prepare Form 5329 and include the amount on line 2 with code 12.  If you had not reached age 59½ as of the date of the distribution, the 10% early-distribution penalty applies unless you have some other exception.

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