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meghanrdz21
January 27, 2025
Question

1099-R form

  • January 27, 2025
  • 1 reply
  • 0 views

I am unusre what to answer when it says if my money came from a Roth IRA. If it is helpful, the code in box seven is a 2.

    1 reply

    JohnB5677
    JohnB5677
    January 27, 2025

    Your 1099-R is being coded as a 2 – Early distribution (except Roth), exception applies.

    You will be charged a 10% penalty if it's not a ROTH and it's not an exception.

    Please see the IRS list of Exceptions to tax on early distributions.

    This additional tax will be included on Schedule 2 line 8 and caried (with other additional taxes) to your 1040 line 23.

     

     

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