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Old 01-30-2016, 10:17 PM   #21
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I agree with the two entries so it matches to what was reported to the IRS. No need to give them any more reason to look closer at your return than necessary.
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Old 01-30-2016, 10:51 PM   #22
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Quote:
Originally Posted by pb4uski View Post
Yes, do separate entries so when the IRS computer tries to match the entries they will more easily match.
I am sorry, but I disagree. The IRS matches the totals not the individual 1099R's. If you look at the 1040 form, there is only a one line entry for line 15 IRA distributions and line 16 for pensions and annuities. If you are using tax software, enter them separately and the software will add them and enter the total on the proper line on the 1040.
I use Turbotax at home and I volunteer preparing taxes for seniors and low income taxpayers for the AARP-IRS program.
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Old 01-31-2016, 09:25 AM   #23
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Does that mean you need to pay the 10% penalty on the one with a code 2 since you took that before 59 1/2?

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AHA......OK, I figured it out. In Box 7 (Distribution Code(s)......The first one has number 2 in it and the other has number 7. My birthday is in January and I turned 59 and 1/2 in June. 2 denotes early distribution, exception applies (under 59 and 12) and 7 denotes Normal Distribution. Whatever....I guess I will enter both. Thanks Folks
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Old 01-31-2016, 10:24 AM   #24
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Does that mean you need to pay the 10% penalty on the one with a code 2 since you took that before 59 1/2?
No because this is a pension I earned after retiring in 2010 at 54. Not quite sure why they did it this way. I also got two 1099R's also from an Inherited Ira and one had a code 7 and the other a code 2.
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Old 01-31-2016, 12:17 PM   #25
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I thought normally Inherited IRA's have a code 4 in box 7.

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No because this is a pension I earned after retiring in 2010 at 54. Not quite sure why they did it this way. I also got two 1099R's also from an Inherited Ira and one had a code 7 and the other a code 2.
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Old 01-31-2016, 01:18 PM   #26
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When I ERed back in 2008, I had to liquidate my 401k because it had company stock in it and I wanted to cash it out using NUA. I received two 1099-R forms (one for the company stock and one for everything else) and had to combine some numbers from them before entering the sum on my 1040 form. I did my taxes by hand, not using any tax software.
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Old 01-31-2016, 02:37 PM   #27
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I thought normally Inherited IRA's have a code 4 in box 7.
My mistake, jw, I received two 1099R's from my 457 account also. And you are right about code 4 in Inherited IRA in box 7
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