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Level 2
March 25, 2022
Question

1099-R

  • March 25, 2022
  • 2 replies
  • 20 views

I have a 1099-R with Box 7 marked "W".  Do I have to show this in the wages and income?  It is for Long Term Health care insurance.

    2 replies

    Alumni - Intuit
    March 25, 2022

    No.  A code W Form 1099-R reports amounts that are explicitly excludible from income under Section 72(e)(11) of the tax code. Since this distribution is not taxable, there is no penalty.

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    Level 2
    March 25, 2022

    Thank you.