Mar 4, 2024 · You will get a 2024 Form 1099-R in 2025 with codes P and J for the withdrawal of the excess Roth IRA contribution made in 2023 plus earnings. This 1099-R will have to be …

Mar 3, 2025 · A Form 1099-R for a distribution from a traditional IRA that is converted to Roth will have code 1, 2 or 7 in box 7 depending on your age and how the Roth conversion is performed.

Feb 13, 2025 · I converted $125,000 from a traditional IRA directly to a Roth IRA. What should the appropriate distribution code be? My distribution code listed on the 1099-R is "7" which …

Jun 5, 2019 · It says this Code W is a non-taxable distribution from a long term care policy. Box 8 is $321.00 and TurboTax says I owe $32.00 for this 1099-R. That is 10%. Is that a penalty …

Jun 7, 2019 · The code (s) in Box 7 of your 1099-R helps identify the type of distribution you received. We use these codes and your answers to some interview questions to determine if …

Feb 13, 2024 · My 1099-R from my life insurance co has a Distribution code 7D. I contributed $125,000 (Box 5) and took out $125,079 which is stated in Box 1. Box 2 (Taxable Amt) shows …

Jun 5, 2019 · D is the new 'nonqualified annuity distribution code'. The taxable amount of the distribution should still be indicated in Box 2a based on the differing rules depending on when …

Apr 4, 2021 · I received roth ira distribution. 1099r shows it code J but it is qualified because it as all contribution, not earnings. Turbo tax is taxing it. How do I fix

Code T indicates there is no penalty because an exception applies. Some financial companies use code T instead of code Q when reporting such distributions on Form 1099-R, but since …