166312
Box 1 and 2a same amount, but taxable amount not determined is checked? What does that mean? Box 7=7
You'll need to sign in or create an account to connect with an expert.
A 7 in box 7 means that it's a normal distribution made to someone age 59½ or older.
If the IRA/SEP/SIMPLE box is also marked (as is suggested by box 2a equaling box 1 and box 2b Taxable amount not determined being marked), this is a Form 1099-R for a distribution from a traditional IRA. Your distributions from a traditional IRA are generally fully taxable unless you have made nondeductible contributions to your traditional IRAs, reported on a Form 8606 or some portion of the distribution is excludible from income as a result of you being over age 70½ and having made a Qualified Charitable Distribution, or if you made a one-time HSA Funding Distribution to fund an HSA contribution.
A 7 in box 7 means that it's a normal distribution made to someone age 59½ or older.
If the IRA/SEP/SIMPLE box is also marked (as is suggested by box 2a equaling box 1 and box 2b Taxable amount not determined being marked), this is a Form 1099-R for a distribution from a traditional IRA. Your distributions from a traditional IRA are generally fully taxable unless you have made nondeductible contributions to your traditional IRAs, reported on a Form 8606 or some portion of the distribution is excludible from income as a result of you being over age 70½ and having made a Qualified Charitable Distribution, or if you made a one-time HSA Funding Distribution to fund an HSA contribution.
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.
dj-lombardo
New Member
lotfallahmona
New Member
Jose-Flores
New Member
espinala05
New Member
wttm2003
New Member