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B
Blue-86
February 25, 2021
Question

I have three (3) Form 1099-R forms. Early retirement Box 7 code 2 on tax input accepted on one but not on the other 2. How can I fix input for the exception so the there is no taxable income?

  • February 25, 2021
  • 1 reply
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    1 reply

    B
    BillM223
    February 25, 2021

    What was the distribution code on the other two? And why do you think that an exception should apply (there may easily be a good reason, but why didn't your retirement plan administrator know that)?

     

    Do one of the exceptions found at this IRS link apply to the other two distributions? (Note that the exceptions for IRAs and retirement plans vary somewhat)

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    B
    Blue-86Author
    February 25, 2021

    All three are taken in equal monthly payments and were not taxable last year.

    Now two show the 10% penalty tax.

    B
    BillM223
    February 25, 2021

    1. "What was the distribution code on the other two?"

     

    2. "Why do you think that an exception should apply?"

     

    3. "Do one of the exceptions found at this IRS link apply to the other two distributions?" 

     

    That is, we could tell you how to make them nontaxable, but we could not do so in good conscience if we didn't know WHY they should be nontaxable.

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