topic Re: 1099 R in Retirement tax questions

1099 R

rinamorgan2 — Thu, 25 Feb 2021 23:36:23 GMT

I have a 1099r that has code B1 in box 7. It is charging me a penalty even though it was a covid distribution. It didn't ask me if it was a covid distribution? I have a 2nd 1099R that has code 1 in box 7 and it did asked me if it was a covid Distribution.

Re: 1099 R

macuser_22 — Thu, 25 Feb 2021 23:45:59 GMT

@rinamorgan2 wrote:

I have a 1099r that has code B1 in box 7. It is charging me a penalty even though it was a covid distribution. It didn't ask me if it was a covid distribution? I have a 2nd 1099R that has code 1 in box 7 and it did asked me if it was a covid Distribution.

A code B is a designated Roth.

It should ask.

Re: 1099 R

rinamorgan2 — Thu, 25 Feb 2021 23:45:45 GMT

Do I have to pay penalties on a Roth account? It's charging me 10% still.

Re: 1099 R

macuser_22 — Thu, 25 Feb 2021 23:48:26 GMT

Not if it was a COVID related distribution. It should have asked. The 8915-E form was new today in the online version only and there might still be some bugs.