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

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

titosyard
New Member

What is the appropriate distribution code to use in box 7 regarding my 1099-R, if I used the maximum $10,000 for the purchase of my first home?

I'd like to avail myself of the no tax/ penalty option since I believe my situation qualifies me. Thanks
1 Best answer

Accepted Solutions
KatrinaB
Intuit Alumni

What is the appropriate distribution code to use in box 7 regarding my 1099-R, if I used the maximum $10,000 for the purchase of my first home?

There is no code in box 7 that indicates this exception to the 10% penalty. Once you enter in your form 1099-R, Turbo Tax will ask you questions to determine if you qualify for an exception. A first time home buyer exception will be one of the choices.

View solution in original post

3 Replies
KatrinaB
Intuit Alumni

What is the appropriate distribution code to use in box 7 regarding my 1099-R, if I used the maximum $10,000 for the purchase of my first home?

There is no code in box 7 that indicates this exception to the 10% penalty. Once you enter in your form 1099-R, Turbo Tax will ask you questions to determine if you qualify for an exception. A first time home buyer exception will be one of the choices.

titosyard
New Member

What is the appropriate distribution code to use in box 7 regarding my 1099-R, if I used the maximum $10,000 for the purchase of my first home?

Thank you, I thought this might be the case.
KatrinaB
Intuit Alumni

What is the appropriate distribution code to use in box 7 regarding my 1099-R, if I used the maximum $10,000 for the purchase of my first home?

You're welcome
Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies