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Distribution Code 2 to 7
- Date of Birth: 07/02/1959
- Age: 60
- 72t Method: Amortization
- Life table:
- Stub Year*:
- Annual Recalc*:
- AFR* Rate:
- I received my 1099-R and the box has code 2 in it. My 72T ended January 2, 2019. Who is responsible for changing this code to 7, my tax preparer or Wells Fargo? Do I have to have the actual form with 7 in the box, or, can I just change it when I file my taxes?
Wells Fargo. As of 1/2/2019 you became 59 1/2, and any distributions after that should have been AUTOMATICALLY changed to code 7. You may have to go to a supervisor to get them to file a CORRECTED 1099-R form with a code 7. If your tax preparer files the tax return with the code 2, and a 5329 form, it might not stop an IRS notice being sent to you. Regardless, you should not be liable for any 10% PENALTY FOR EARLY DISTRIBUTIONS in 2019.
Thank you! I hope this isn't going to be an ordeal! lol.
I started my 72 t January 20, 2010.
My birthdate is 07/02/1959
July 2 of 2018 I was 59 and January 2, 2019 I was 59 1/2. I'm assuming according to my calculations, I will file with #7 in box 7 on my 1099-R. Does this sound correct?