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Level 3
April 29, 2020
Question

1099R

  • April 29, 2020
  • 1 reply
  • 12 views

On a 1099R  for an traditional IRA with Code 7 box 1 and 2a(taxable amount) have the same amounts but box 2b(taxable amount not determined) is checked.  Is the amount in box 2a fully taxable?

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1 reply

IRonMaN
Level 15
April 29, 2020

It is, unless the client has basis in their IRA.

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