Comments on: Ask the taxgirl: 1099-R Codes

By: Ramiro A. Banda

Ramiro A. Banda — Wed, 01 Feb 2012 18:46:58 +0000

I am a Civil Service retiree. I pay taxes every year on the annuity that I get. I have been entering the Total Employee Contributions (block 9b)every year. The code in block 7 is 7-Nondisability. Do I have to enter the a,ount in block 9b every year?

PLease advice.

Ramiro

By: Ralph

Ralph — Sat, 19 Feb 2011 19:43:48 +0000

Received full disbursement of ira, with exception of amount withheld for federal income tax. I have not Yet filed my income tax. Using the 1099 showing distribution code 7, will they tell me that I am getting a full refund. Is this because of my age – will be 67 in May 20.
11? Thank you for your help.

Awaiting your response

By: Dan

Dan — Fri, 18 Feb 2011 20:15:03 +0000

I rolled over my 401 (Principal) to an IRA (Schwab) this past summer when I last my company. In Jan, I recived a 1099 R from the Principal. The code indicated in box 7 was “G”. No concerns. About two weeks later, I recieved a corrected 1099 r (2 of them) from Principal . One indicated box 7 as “G”, the second as “8″ which is an “excess contribuition” and is taxable. However, the enter 401 funds from Principal were transfered to Schwab and still are in the account. i recieved no excess contributed funds from Principal or Schwab for that matter.

If I use the correct 1099 R, I will pay taxes on the amount listed on the 1099 R with the code of “8″. Again, i have not recieved thes e funs and they are still in my Schwab account. I I asked for the funds from Schwab, they will give me a 1099 R with the same code, hence I will be taxed twice for the same funds. If I don’t request the fund and draw them out when I retire, I will be double taxed again.

Can you give me advise on how to handle this.

Regards,

By: Nicky

Nicky — Mon, 31 Jan 2011 17:44:09 +0000

I’m receiving social security disability as of 04/01/2010 along with LTD benefits from an insurance compay. I received my back pay from SSA & had to repay the insurance company. Last year I paid back a little over $11,000. Can I deduct this on my taxes. I do my own taxes on line. So if I’m able to deduct, where would I enter this information & is this a deduction in which IRS is updating & won’t be ready until Feb. 14th?
Thanks,
Nicky

By: Mary

Mary — Sun, 09 Jan 2011 16:57:09 +0000

Hi I’m trying to file my taxes this year on turbo tax, and I normally do my own taxes every year anyways. But this year I worked under the table as a waitress. I cant find out what the code is for, for the 1099 form. If someone could give me some advice it would be awesome.
Thanks,
Mary

By: Bonnie

Bonnie — Wed, 07 Apr 2010 20:48:55 +0000

Received full disbursement of ira, with exception of amount withheld for federal income tax. I have filed my income tax using the 1099 showing distribution code 7 and they tell me that I am getting a full refund. Is this because of my age – will be 68 in May 2010? Thank you for your help.

By: G. Grant

G. Grant — Sun, 28 Mar 2010 18:46:58 +0000

I am 55 yrs old, I live in Pennsylvania, I lost my job and had to cash in my pesion fund. I received a 1099-R. What Fed tax/State tax return must I use to file my 1099-R pension distributions. My distrubution code was “1″.

By: Tadd Kempainen

Tadd Kempainen — Sat, 30 Jan 2010 19:16:30 +0000

I left my previous employer and had a 401k loan at the time I left. I received my 1099-R and the code that it lists is 1 (early distribution). My questions to you is that shouldn’t it be listed as L (loans treated as distributions)? Thanks for all of your help.

Tadd