Question

Trying to answer "Where is your distribution from"... My line 7: 7(X)...

What does line 7 mean if it equals 7(X) ?

Employee

You are asking about a 1099-R form? (you didn't define that)

1) A box 7 Code 7 is a normal distribution...usually for someone age 59.5 or older (though there are exceptions.

2) IF the 1099-R was from an IRA/SEP/SIMPLE....the "X" belongs in that checkbox....not as a part of the box 7 entry.

3) If the 1099-R was form some large company/corporate/state/USGovt/TSP/401k/ 403b/457 , then teh IRA/SEP/SIMPLE box would not be checked.

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

1 reply