Box 7, Form 1099-R
How do I enter multiple Distribution Codes in Box 7 of a 1099-R? The software only lets me choose one or another from the dropdown menu, but I have two printed in Box 7 of my form..
Answers
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Hello, Box 7 of your 1099-R has 2 codes, is one a letter and the other one a number? If so, you will need to click on the arrow in box 7 and scroll down until you see the alphanumeric that matches your 2 codes. For example, when using Code P for a traditional IRA distribution under section 408(d)(4), you must also enter Code 1, if it applies. You would scroll and click 1P for box 7.
If two or more other numeric codes are applicable, you must file more than one Form 1099-R. For example, if part of a distribution is premature (Code 1) and part is not (Code 7), file one Form 1099-R for the part to which Code 1 applies and another Form 1099-R for the part to which Code 7 applies. In addition, for the distribution of excess deferrals, parts of the distribution may be taxable in 2 different years.
You can read more about this on the IRS link page 14:
