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On my 1099-r box 7 i have the number 2 and 7 i turned 59.5 in july 2020 and i changed my distubution that is why i believe i get the number 7 turbo tax review stops

Forum|Forum|5 years ago
January 31, 2021
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Best answer by dmertz

Right, the code 2 and the code 7 are on separate Forms 1099-R even though the two Forms 1099-R might both be printed on the same sheet. Enter the code 2 Form 1099-R (for amounts received before age 59½) and the code 7 Form 1099-R (for amounts received after age 59½) separately.

SteamTrain

Employee

As far as I know, you can't have both a 2 and a 7 on the same 1099-R....(unless, perhaps thy also divide up boxes 1 and 2a into two separate values in each....but then it needs to be entered as 2 -separate 1099-R forms in the software) )

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For a normal monthly pension, in the year you turn 59.5, the issuer should send 2 separate 1099-R forms. one showing the box 7 code "2", and the $$ distributed before you reached age 59.5. and a second one with box 7 code "7" and the $$ received after you went over age 59.5.

if they didn't issue two 1099-R forms, and only gave you one value total distribution value on the one they did send......then you need to call them and find out why they issued just the one form the way they did.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

D

dmertzAnswer

Employee

Right, the code 2 and the code 7 are on separate Forms 1099-R even though the two Forms 1099-R might both be printed on the same sheet. Enter the code 2 Form 1099-R (for amounts received before age 59½) and the code 7 Form 1099-R (for amounts received after age 59½) separately.