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dr58lj15
Level 3
March 22, 2025
Question

1099R

  • March 22, 2025
  • 1 reply
  • 5 views

If I have a 1099R with code 7D with no taxable amount, and box 1 and box 5 employee contribution is the exact same amount.   There is no taxable amount, correct?   Just making sure!

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1 reply

BobKamman
BobKamman
Level 15
March 22, 2025

Box 5 is probably "insurance premiums," but more likely cost of an annuity sold by an insurance company.  Have you asked the client what happened?  Bought an annuity but didn't make any money on it?  Guessing is dangerous if the client is available.  

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