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February 17, 2025
Solved

My 1099-R box 7 contains 1M, and TurboTax doesn't allow it.

  • February 17, 2025
  • 1 reply
  • 0 views
Turbotax is only allowing a single character. This changes my federal due by over 400 dollars.
    Best answer by dmertz

    This is two codes, code 1 and code M.  Each must be selected separately after indicating to TurboTax that box 7 has more than one code.  Also, code M cannot be used for a distribution from an IRA, so the IRA/SEP/SIMPLE box must not be marked on the Form 1099-R provided by the payer or on TurboTax's 1099-R form.

    1 reply

    dmertzAnswer
    Employee
    February 18, 2025

    This is two codes, code 1 and code M.  Each must be selected separately after indicating to TurboTax that box 7 has more than one code.  Also, code M cannot be used for a distribution from an IRA, so the IRA/SEP/SIMPLE box must not be marked on the Form 1099-R provided by the payer or on TurboTax's 1099-R form.