Question

Insurace company 1099R

Forum|Forum|4 years ago
February 17, 2022
1 reply
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Turbo Tax gives an error when I enter Distribution Code 7D (Box 7) provided in USAA 1099R for a Life Insurance Policy. I checked with USAA and they the code is appropriate

D

dmertz

Employee

Code 7 and code D are separately entered codes indicating a normal distribution (code 7) from a nonqualified plan or insurance policy (code D). Select code 7 for the first code then select code D for the second code. In online TurboTax you'll need to mark the box to indicate that there is a second code before the second selection box will appear.

The IRA/SEP/SIMPLE box must not be marked. Code D never applies to an IRA. Marking the IRA/SEP/SIMPLE box when there is a code D in box 7 might cause TurboTax to correctly flag an error.