JulesInCNY Posted January 18, 2018 Posted January 18, 2018 does anyone have experience with 1099R coding when old post-tax contributions are cashed out of a qualified retirement plan? I have always been under the impression that there is no code and leave Box 7 blank, adding the post-tax contribution amount in Box 5, and the taxable field would be 0.00. any push back on this? I have submitted several 1099Rs to the IRS over the years like this. now being questioned that there should be a code in Box 7. thanks!
Bird Posted January 18, 2018 Posted January 18, 2018 I think you always need a code, probably 1 or 7. I guess it doesn't matter if the taxable amount is $0 but still, I'd think it would be rejected with no code. Ed Snyder
NJ Mike Posted January 18, 2018 Posted January 18, 2018 22 minutes ago, Bird said: I think you always need a code, probably 1 or 7. I guess it doesn't matter if the taxable amount is $0 but still, I'd think it would be rejected with no code. Agree. Also IRS instructions say "Generally use Code 7 if no other code applies". Mike
Tom Poje Posted January 18, 2018 Posted January 18, 2018 software we use won't even let you exit without putting in a code. aren't there taxes on the gains? this is different than a Roth. I'm not sure the taxable amount would be zero.
BG5150 Posted January 18, 2018 Posted January 18, 2018 17 minutes ago, Tom Poje said: software we use won't even let you exit without putting in a code. aren't there taxes on the gains? this is different than a Roth. I'm not sure the taxable amount would be zero. Coulda been a loss... QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
JulesInCNY Posted January 18, 2018 Author Posted January 18, 2018 thanks for the input. program I used did not reject if the code box wasn't filled in. it reflects the original contributions only. gains were included in the rollover amount. the problem now is , my company has merged with another and I had to turn over this task to another department. they use a different program and are insisting there needs to be a code , where I never used any before.
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