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Code 2

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Bysbs401

L1: Code 2 Are all these discussions of SEPPs not using code 2 with consideration to the supplemental information published by the IRS 09-AUG-2004 which seemingly
added these back:
A distribution that is a part of a series of substantially equal periodic payments as described in section 72(q), (t), and (v). Any other distribution subject to an exception under section 72(q), (t), and (v) that is not required to be reported using Code 1, 3, or 4.
Notice Change to 2004 Instructions for Forms 1099-R and 5498: Guide to Distribution Codes
The Explanations for Codes 1 and 2 shown in the Guide to Distribution Codes for box 7 have been changed. If you have issued a Form 1099-R (or applicable substitute), you may have to issue a corrected return based on the change in the chart below.
about 3/4 of the way down
http://www.irs.gov/formspubs/article/0,,id=109875,00.html2005-01-06 12:39, By: sbs401, IP: [68.9.181.246]

L2: Code 2 At one point in time, I thought that the actual instructions were changed just after thereference of your link was posted on the IRS site. However, the latest set of instructions are again missing the code of ‘2’ for SEPPS.2005-01-06 12:56, By: Gfw, IP: [172.16.1.74]

L2: Code 2 The most recent instructionsI find for 1099r on IRS.gov say they were published
20 May 04
then the correction dated 09-AUG-2004 acknowledge the mistake and
said use 2 for SEPP (and that they would not be correcting it in teh instructions)
Shouldn’t we just stick with, ok they admitted their mistake lets move on ?
and is their a newer set of instructions i am overlooking?
thanks
ss
2005-01-06 13:19, By: sbs401, IP: [68.9.181.246]

L2: Code 2 As long as it is still on their site, should be ok. The reference that I found was http://www.irs.gov/pub/irs-pdf/i1099r.pdfon which I didn’t find any date.
At any rate, the 5329 discussion may prove useful – will be interesting to see hw may Trustee/Custodians use a code of ‘1’ for 2004.2005-01-06 13:39, By: Gfw, IP: [172.16.1.74]

L2: Code 2 Hi Guys,
Belated Merry Christmas and Happy New Years. Keep up the great work.
Don’t know if this helps but in the IRS “Changes to current tax forms and puplications” Distribution code 2 is allowed for taxpayers who have not reached 59 1/2and the distribution is:
“A distribution that is part of a series of substantially equel periodic payments as described in section 72(q), (t) and (v).”
The date was Aug 09, 2004.
Regards
Bob2005-01-07 11:48, By: Bob, IP: [205.188.116.202]

L2: Code 2 Thanks. This is the part of the August announcement that I missed…
This information supplements the 2004 Instructions for Forms 1099-R and 5498 which are not being revised at this time. –09-AUG-2004
I hate it when that happens. 2005-01-07 11:53, By: Gfw, IP: [172.16.1.74]

L2: Code 2 Yes, that is the exact part of the IRS announcement that I was quoting in a response to John’s post on 12/7, and I was told I was missing the point.
Oh well, I’m going to file a 5329 anyway, even if my custodian happens to code the 1099R as a 2.2005-01-08 02:40, By: Rick S, IP: [64.160.145.226]

L2: Code 2 I went back and found the original post that you mention and my response while the instructions allow a Trustee/Custodian to use a cod of 2′, they are under no obligation to use a code of 2′.Also suggest that if you do get a code of 2′, that you don’t also۝ file form 5329 please reread the instructions.2005-01-08 04:46, By: Gfw, IP: [172.16.1.71]

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