Jun 6, 2019 · But your posts keep confusing "box 2" with "code 2" and "box 7" with "code 7." In the OPM 1099R (for the pension), which I got last week and printed, there is a box 7 and a code 7 (nondisability) inside that box. I will have to see how the TSP 1099R is structured. Im hoping box 7 on the TSP 1099R has a code 2 for me (no 10% penalty).

Jun 7, 2019 · A code 2 *is* an exemption. There is no penalty with a code 2. The payer uses a code 2 under these circumstances: Use Code 2 only if the participant has not reached age 59½ and you know the distribution is the following. - A Roth IRA conversion (an IRA converted to …

Mar 3, 2025 · Expanding on what the others have said, the code that must be entered into TurboTax is whatever code the financial institution puts in box 7 of the Form 1099-R. You do not use something different. A Form 1099-R for a distribution from a traditional IRA that is converted to Roth will have code 1, 2 or 7 in box 7 depending on your age and how the ...

Feb 23, 2025 · Step 2: Enter the Conversion from a Traditional IRA to a Roth IRA. Go to Wages & Income. On the Your income and expenses screen, locate and select the Retirement Plans and Social Security section, then select Start or Revisit next to IRA, 401(k), Pension Plan Withdrawals (1099-R). Answer Yes to Did you get a 1099-R in 2024?, then Continue.

Feb 1, 2025 · I am using TT Home and Business. I have completed a federal and a state return. When I transmitted the files, I received a message saying "We are experiencing internet transmission problems. Your transmissions did not go through. Intuits Electronic Filing center did not receive your returns. Pl...

Feb 4, 2025 · If you made the withdrawal in 2024, you'll receive a 2024 Form 1099-SA with a code 2 in box 3. Once you're logged in to your account, on the Tax Home screen: - click Income & Expenses and then Review/Edit - scroll down to Less Common Income and click Start next to 1099-SA, HSA, MSA - check the HSA box and click Continue

Feb 27, 2025 · I have stock options that I exercise and sell on same day for a public company. This income is reported in W2 Box-12 with code V(Income from exercise of non-statutory stock options). I also get corresponding 1099-B from the brokerage company. It shows the proceeds, cost-basis, gains/loss etc. I am using Turbotax Premier, as was in previous year.

Mar 11, 2023 · Code 2 would normally have been used due to your age, but the custodian would have also had to know that the distribution was going to be a Roth IRA conversion. It would probably not be worth the effort to request a corrected Form 1099-R from the account custodian.

Mar 10, 2020 · Anstoss, Any distribution from a traditional IRA to a Roth IRA is taxable. The code 2 says that you won't be dinged with a 10% additional penalty beyond the regular income tax you would pay if you were under 59 1/2 years old at the time.

You will get a 2025 Form 1099-R for the recharacterization with code R-Recharacterized IRA contribution made for 2024 and this belongs on the 2024 return. But a Form 1099-R with code R will do nothing to your return. You can only report it as mentioned above. Therefore, you can ignore the Form 1099-R with code R when you get it in 2026.