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bethxu
Level 1
March 31, 2023
Question

How to input 1099R with code 1M to Lacerte, if the money is not rollover before the deadline?

  • March 31, 2023
  • 1 reply
  • 8 views
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1 reply

abctax55
abctax55
Level 15
March 31, 2023

There are two boxes to enter the codes, on Screen13.1.  Put the 1 in the first one, put the M in the second one - then enter the amounts (total distribution & taxable amount).

Or is there more to the story?

Code M is for 'Qualified plan loan offset'  -  does 'rollover' apply here? 

HumanKind... Be Both
    R
    rayc325
    Level 2
    April 2, 2023

    I just had one of these too. It's taxable up to the amount showing on the 1099R. Rollover does not apply. It was a reduction in the plan balance to pay a loan that was in default.

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