Question

So my return is on hold because my 1099-R has a BL in section 7. Any ideas on what I can expect to come of this or should I do something?

Forum|Forum|6 years ago
February 2, 2020
1 reply
0 views

No text available

TurboTax Self Employed Online

Employee

Code BL is a loan from a Designated Roth treated as a deemed distribution. What makes you think the IRS is questioning that or holding processing because if it?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

D

dmertz

Employee

Were you under age 59½ at the time of this deemed distribution? A Form 1099-R can only have codes B and L together if you were over age 59½, otherwise the form was prepared incorrectly. (If you were under age 59½ it should have codes B and 1.)