topic So my return is on hold because my 1099-R has a BL in section 7. Any ideas on what I can expect to come of this or should I do something? in Retirement tax questions

So my return is on hold because my 1099-R has a BL in section 7. Any ideas on what I can expect to come of this or should I do something?

j_cm_j — Sun, 02 Feb 2020 03:09:12 GMT

Re: So my return is on hold because my 1099-R has a BL in section 7. Any ideas on what I can expect to come of this or should I do something?

macuser_22 — Sun, 02 Feb 2020 03:23:48 GMT

Code BL is a loan from a Designated Roth treated as a deemed distribution. What makes you think the IRS is questioning that or holding processing because if it?

Re: So my return is on hold because my 1099-R has a BL in section 7. Any ideas on what I can expect to come of this or should I do something?

dmertz — Sun, 02 Feb 2020 03:43:22 GMT

Were you under age 59½ at the time of this deemed distribution? A Form 1099-R can only have codes B and L together if you were over age 59½, otherwise the form was prepared incorrectly. (If you were under age 59½ it should have codes B and 1.)