1099-R Coding Question
L1: 1099-R Coding QuestionI started a 72T plan on March 5,2014. I received my 1099-R statement a few days ago. Box 7 is coded correctly with a #2 but the IRA/SEP/Simple box has an X through it. Is that also correct? My 72T funds are in a traditional IRA.
Thank you very much.2015-01-27 19:12, By: Jet, IP: [126.96.36.199]
L2: 1099-R Coding QuestionMy IRA 1099-r statements have always had that IRA/SEP/SIMPLE box checked while taking 72T payments and since then. My pension 1099-R is blank in that box, and I assume withdrawals from a 401K would also be blank in that box. In your case, it is noting that you are withdrawing this money from an IRA.2015-01-27 20:33, By: Ken , IP: [188.8.131.52]
L3: 1099-R Coding QuestionKen is correct. The IRA box should be checked since it is an IRA. You are fortunate to get the 2 code on your 1099R as it will save you the time of filing a 5329. Could you tell us who the IRA Custodian is? Not too many will issue the 1099R with the 2 code.2015-01-27 22:50, By: Alan S, IP: [184.108.40.206]