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C
CS57_2
Level 2
May 12, 2020
Question

In what circumstances is a distribution code 7 not taxable?

  • May 12, 2020
  • 2 replies
  • 8 views
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2 replies

George4Tacks
George4Tacks
Level 15
May 12, 2020

There are several, what does the 1099R you have look like? What prompted your question. 

If 2a is blank and 2b is checked that does not mean a zero in 2a.

If it is an IRA do you know the basis for that IRA?

 

Answers are easy. Questions are hard!
C
CS57_2Author
Level 2
May 12, 2020

This 1099 r relates to a pension from an airline. The taxpayer  fulfilled all the requirements for age and years of service. 

 

 

George4Tacks
George4Tacks
Level 15
May 12, 2020
Then code 7 is the appropriate code. It means there is no penalty because as you said "fulfilled all the requirements for age and years of service" but it is likely at least partially taxable.
Answers are easy. Questions are hard!
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