turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

j_cm_j
New Member

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?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

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?

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?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
dmertz
Level 15

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?

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.)

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question