topic Code 7 is a possible code for a distribution from any kin... in Retirement tax questions

What kind of plan is marked 7 in the block 7 on the 1099R

71hsstay-9 — Sat, 01 Jun 2019 20:15:29 GMT

Box 7 describes the tax treatment, not the plan type.

macuser_22 — Sat, 01 Jun 2019 20:15:32 GMT

Box 7 describes the tax treatment, not the plan type.

If you do not know what kind of plan you have (such as qu...

SweetieJean — Sat, 01 Jun 2019 20:15:34 GMT

If you do not know what kind of plan you have (such as qualified v. nonqualified), ask the sender of the 1099-R.

This is Normal distribution. It can be for a variety of p...

Cindy0H — Sat, 01 Jun 2019 20:15:34 GMT

This is Normal distribution. It can be for a variety of plans:

(a) for a normal distribution from a plan, including a traditional IRA, section 401(k), or section 403(b) plan, if the employee/taxpayer is at least age 591/2;

(b) for a Roth IRA conversion if the participant is at least age 591/2; and

(c) to report a distribution from a life insurance, annuity, or endowment contract and for reporting income from a failed life insurance contract under section 7702(g) and (h). See Rev. Proc. 2008-42, 2008-29 I.R.B. 160, available at IRS.gov/irb/ 2008-29_IRB/ar19.html.

Generally, use Code 7 if no other code applies. Do not use Code 7 for a Roth IRA.

Note. Code 1 must be used even if a taxpayer is 591/2 or older and he or she modifies a series of substantially equal periodic payments under section 72(q), (t), or (v) prior to the end of the 5-year period which began with the first payment.

Code 7 is a possible code for a distribution from any kin...

dmertz — Sat, 01 Jun 2019 20:15:37 GMT

Code 7 is a possible code for a distribution from any kind of retirement account other than a Roth IRA.