topic You will input the code exactly as you see it on your act... in Retirement tax questions

I have a form 1099r for my minimum required distribution from my IRA. Which distribution code do I use in box 7 ?

duracell72 — Thu, 06 Jun 2019 10:27:04 GMT

What is listed in box 7 on your 1099R? Can't you find it...

VolvoGirl — Thu, 06 Jun 2019 10:27:05 GMT

What is listed in box 7 on your 1099R? Can't you find it in the drop down listing? It's probably a code 7 (same as the box #)

You will input the code exactly as you see it on your act...

AndreaC1 — Thu, 06 Jun 2019 10:27:07 GMT

You will input the code exactly as you see it on your actual 1099-R. So if you only see one code there, you just select it from the first drop down next to Box 7 in the TurboTax interview. If you have two, select the second from the second drop down box there in the interview.

If there are two codes in box 7 on your 1099-R, enter the first code in the box labeled "1st code" and the second code in the box labeled "2nd code".

If you have a RRB-1099-R, the distribution codes are not shown on the actual Form RRB-1099-R. Enter the code or codes that accurately describe the transaction.

For Form 1099-R, enter the distribution codes shown in box 7 on the actual Form 1099-R.

For Forms CSA-1099-R and CSF-1099-R, enter the codes shown in the Distribution Code box on the actual form.

https://ttlc.intuit.com/replies/4194736

Re: You will input the code exactly as you see it on your act...

catmonster3 — Sat, 06 Mar 2021 16:16:44 GMT

what if box 7 has a 1 in it but it should have a 2 in it because you took a covid withdraw?

Re: You will input the code exactly as you see it on your act...

DoninGA — Sat, 06 Mar 2021 16:20:47 GMT

@catmonster3 wrote:

what if box 7 has a 1 in it but it should have a 2 in it because you took a covid withdraw?

If you are under the age of 59 1/2 then the plan administrator has to record the Form 1099-R correctly with a 1 in box 7.

Once you complete entry of the Form 1099-R the program will ask if this is a Covid-19 distribution and will remove the 10% penalty if you are eligible based on your answers to the questions.