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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Code 7D in annuity income to be done manually in 1041
Code 7D in annuity income to be done manually in 1041
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Greta
Level 9
03-27-2022
09:16 AM
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I almost made a huge error with big numbers. The annuity income comes into 1041 as Other Income and does not ask for the 7D code. I almost forgot to put it manually into Form 8960 because I'm so used for the software to take care of that. I wonder if I may have made this error in the past, though no repercussions from IRS. I wonder if they have methods of tracking this code.
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