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boroth717
April 14, 2024
Question

Do I show my 1099r as a SIMPLE IRA with more than two years or just a SEP IRA?

  • April 14, 2024
  • 1 reply
  • 0 views
My mom is 89, she received a 1099r, with Code 7 and the IRA/SEP/SIMPLE box checked.  Turbo Tax is asking if "This is a SIMPLE IRA within the first two years of participation" or "This is SIMPLE IRA with more than two years of participation" or "This is a SIMPLE IRA", which do I use if any?

1 reply

T
ThomasM125
April 15, 2024

A Simple IRA would be a plan associated with her employment. If she contributed to the plan on her own, then it wouldn't be a Simple IRA. If she contributed through a company plan, then you'd have to do some research to determine if it was a Simple plan by contacting her employer.

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