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New Member
posted Mar 24, 2024 9:44:54 AM

Why is there an "x" mark to the right of IRA/SEP/SIMPLE in box 7 of the 1099-R form?

The distribution code is 1 and I understand that, I'm just trying to determine if the x mark means that my IRA is SEP or SIMPLE.

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1 Best answer
Level 15
Mar 24, 2024 9:59:51 AM

The marking of this box only indicates that the distribution is from an IRA, not what type of IRA.  Your account statements and Forms 5498 from the account will indicate whether the account is a SIMPLE IRA, a SEP IRA or an ordinary IRA.

 

SIMPLE and SEP IRAs are IRAs to which employers make deposits.  If the IRA has received nothing but personal contributions that you yourself deposit or is a rollover IRA established by rolling over to it an employer plan like a 401(k), it's an ordinary IRA, not a SEP or SIMPLE IRA.

3 Replies
Level 15
Mar 24, 2024 9:46:55 AM

Yes, an X in the box for IRA/SEP/SIMPLE means the distribution was from an IRA.

Level 15
Mar 24, 2024 9:59:51 AM

The marking of this box only indicates that the distribution is from an IRA, not what type of IRA.  Your account statements and Forms 5498 from the account will indicate whether the account is a SIMPLE IRA, a SEP IRA or an ordinary IRA.

 

SIMPLE and SEP IRAs are IRAs to which employers make deposits.  If the IRA has received nothing but personal contributions that you yourself deposit or is a rollover IRA established by rolling over to it an employer plan like a 401(k), it's an ordinary IRA, not a SEP or SIMPLE IRA.

Level 15
Mar 24, 2024 9:59:59 AM

if you don't know what kind it is, ask your employer or financial institution