So my return is on hold because my 1099-R has a BL in section 7. Any ideas on what I can expect to come of this or should I do something?
02815
2 Replies
macuser_22
Level 15
Feb 1, 2020 7:23:48 PM
Code BL is a loan from a Designated Roth treated as a deemed distribution. What makes you think the IRS is questioning that or holding processing because if it?
dmertz
Level 15
Feb 1, 2020 7:43:22 PM
Were you under age 59½ at the time of this deemed distribution? A Form 1099-R can only have codes B and L together if you were over age 59½, otherwise the form was prepared incorrectly. (If you were under age 59½ it should have codes B and 1.)