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Level 4
October 16, 2022
Solved

Box 7 1099R

  • October 16, 2022
  • 1 reply
  • 13 views

Has anyone had code 1M before in box 7 of 1099R? When I look at ProSeries, there is no code 1M - either 1 or M. Thoughts?

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Best answer by sewcpa

That Box 7 has space for two codes. On the computer screen there are 2 squares - put 1 in the 1st and M in the 2nd. (Taxpayer had a loan "paid off" with the distribution and he is not old enough-please penalize)

1 reply

sewcpaAnswer
Level 6
October 16, 2022

That Box 7 has space for two codes. On the computer screen there are 2 squares - put 1 in the 1st and M in the 2nd. (Taxpayer had a loan "paid off" with the distribution and he is not old enough-please penalize)