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In preparing your MD tax return, TurboTax goes by the fact that the Form 1099-R has code 7 and not code D in box 7 and does not have the IRA/SEP/SIMPLE box marked.
Note that your exclusion amount is $30,600 minus whatever amount of Social Security income you received. If you received $30,600 or more of Social Security income, you receive no pension exclusion. ($29,900 was the maximum pension exclusion for 2017.)
In preparing your MD tax return, TurboTax goes by the fact that the Form 1099-R has code 7 and not code D in box 7 and does not have the IRA/SEP/SIMPLE box marked.
Note that your exclusion amount is $30,600 minus whatever amount of Social Security income you received. If you received $30,600 or more of Social Security income, you receive no pension exclusion. ($29,900 was the maximum pension exclusion for 2017.)
My USG 1099-R has distribution code 7. Are Code 7's excluded from the pension exclusion?
Code 7 means it is a normal distribution.
Can you explain what you mean by "pension exclusion"?
Is this for your Maryland state return?
On my 1099-R, if there is a 7 in the box rather than a D, does that meant that the turbo Tax program will automatically do the right pension exclusion or do I need to do something to ensure that it is done properly?
No. You got it. Enter the 1099-R information from your form with code 7. When you go through your MD interview you will see the pension exclusion.
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