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February 16, 2023
Question

What do I enter for distribution code in box 7 of my 1099-R. There is not one. I cashed out a 1964 small life ins policy. Can't go any further. What do I enter?

  • February 16, 2023
  • 1 reply
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1 reply

February 16, 2023

Here are some suggestions:

 

If you are over age 59½, it's likely that the code is actually present.  It's relatively common for people posting this question on this forum to not recognize a code 7 in box 7 (dmertz).

 

Do you have text (a letter) instead? Occasionally, an issuer may use text, which is, of course, non-standard. (fanfare)

 

If there is no code in Box 7 of your Form 1099-R, then you should contact the financial institution that issued the Form 1099-R for a corrected/replacement Form 1099-R.  The code is required to determine the correct tax treatment of your distribution.  (AnnetteB6)

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