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Level 1
June 6, 2020
Question

Something about question no 7b was wrong on 1099r, how do I correct it?

  • June 6, 2020
  • 2 replies
  • 20 views
I have not owed federal tax since retiring, what is wrong now?

2 replies

macuser_22
Alumni - Champ
Alumni - Champ
June 6, 2020

Box 7 can have 2 codes, one in the top box and one in the bottom box (called 7a & 7b).

 

What code or codes are in box 7 on your 1099-R?

**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.**
Level 15
June 6, 2020

Perhaps the question is indicating that the code in box 7 of a Form 1099-R is 7 and B together, reporting a distribution from a designated Roth account in a qualified retirement plan.  If so, this is NOT a distribution from a Roth IRA, so make sure that you have not mistakenly marked the IRA/SEP/SIMPLE box.