1099-R Reporting

[Guest Frankie]

I understand that govt. 457 plans now report distributions on a 1099-R while Tax exempt 457 plans still report distributions on a form W-2.

Is this correct ? and is there any guidance on specifically what codes to use in box 7 on the 1099-R for distributions from Govt. 457 plans?

[Guest Monster]

You are correct. Governmental plans are requried to begin reporting using tax form 1099-R beginning in 2002. This was one of many provisions of EGTRRA.

EGTRRA did not address plans of nongovernmental, tax-exempt employers, who will thus continue to report using tax from W-2.

Sorry, can't answer to the question of box 7.