1099R box marked IRA/SEP/SIMPLE

Forum|Forum|6 years ago
February 25, 2020
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on the 1099R form marked IRA/SEP/SIMPLE, between box 7and 8, I see no check mark along side of these. If it is filled in like I described, is that considered being checked or do not check. Help please

KarenM90

Level 11

If there is NO checkmark in (or near) that box that says IRA/SEP/SIMPLE, then this particular distribution does not apply to one of these types of accounts.

However, if you believe the distribution may have come from and IRA/SEP/or SIMPLE you should contact the plan administrator or the "payer" on the form to get more information.

Whether that box is checked or not could be important for the taxability of the current or future distributions.

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AMD59karateAuthor

Level 2

Hi Karen, what does SEP or SIMPLE in reference to? Thanks

klehnhardt

Level 10

On your 1099-R the "IRA" is referring to a Traditional IRA.

A SIMPLE IRA is an employer-sponsored retirement plan offered within small businesses that have 100 or fewer employees. SIMPLE is an acronym for savings incentive match for employees.

A Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees' retirement as well as their own retirement savings. Contributions are made to an Individual Retirement Account or Annuity (IRA) set up for each plan participant (a SEP-IRA).