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L
L Henry
Level 1
March 6, 2025
Question

Box 7 form 1099 R Code 2 exception Applies what is the exception ?

  • March 6, 2025
  • 4 replies
  • 20 views
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4 replies

IRonMaN
IRonMaN
Level 15
March 6, 2025

I think that is the question you are supposed to ask your client.

Slava Ukraini!
    George4Tacks
    George4Tacks
    Level 15
    March 6, 2025

    That means there is no penalty for early withdrawal.

    Input the 2 and be done with that portion of the return.

    Answers are easy. Questions are hard!
      IRonMaN
      IRonMaN
      Level 15
      March 6, 2025

      But come on George, I wanted to find out what the exception was 😜

      Slava Ukraini!
        Just-Lisa-Now-
        Just-Lisa-Now-Intuit Community Champion
        Intuit Community Champion
        March 7, 2025

        It means they were under 59 1/2 years old, but no early penalty applies.

        ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
          qbteachmt
          qbteachmt
          Level 15
          March 7, 2025

          Here's a reference article that might be helpful:

          https://thelink.ascensus.com/articles/2020/12/16/irs-form-1099-r-box-7-distribution-codes

           

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