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- How to input 1099R with code 1M to Lacerte, if the money is not rollover before the deadline?
How to input 1099R with code 1M to Lacerte, if the money is not rollover before the deadline?
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bethxu
Level 1
03-31-2023
11:36 AM
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2 Comments 2
abctax55
Level 15
03-31-2023
11:43 AM
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There are two boxes to enter the codes, on Screen13.1. Put the 1 in the first one, put the M in the second one - then enter the amounts (total distribution & taxable amount).
Or is there more to the story?
Code M is for 'Qualified plan loan offset' - does 'rollover' apply here?
HumanKind... Be Both
rayc325
Level 2
04-02-2023
08:58 AM
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I just had one of these too. It's taxable up to the amount showing on the 1099R. Rollover does not apply. It was a reduction in the plan balance to pay a loan that was in default.
