Account Type and Traits
I have a IRA, over the age of 59.5, and took a distribution. What kind of code will I receive in box 7?
Code 7
What is movement between two IRA accounts? How is it reported and it is taxable?
Transfer, not reportable or taxable.
what should be in box 1 of the 1099R?
Gross distribution
What goes in Box 2 of the 1099Q?
Earning
when will you see a code 1 in box 3?
Normal distribution
I have a Roth that was funded 5 years ago, over the age of 59.5, and took a distribution. What kind of code will I receive in box 7?
Code Q
What is movement between two roth accounts? How is it reported and it is taxable?
Transfer, not reportable nor taxable.
Why is box 2b checked for total distribution?
Account was closed out.
If a distribution was paid to a third party for educational expenses who will receive the 1099Q?
Beneficiary
When will a client get a 1099SA?
When they take a distribution from a HSA or MSA
I have a Roth, over the age of 59.5, and I processed a removal of excess in 2018. What kind of code will I receive in box 7?
Code J
What is movement between RCMA to a Sep IRA accounts? How is it reported and it is taxable?
Direct Rollover, reportable but not taxable.
What boxes are not used by ML?
Box 3: Capital Gains
Box 8: Other Box:
9a Percentage of total distribution
Box 9b: Total employee contributions
what is the only code not reported on the 1099Q?
code 4 for death
When must the 1099SA be mailed out to the clients?
by January 31st each year
I have a Roth, under the age of 59.5, and I processed a conversion. What kind of code will I receive in box 7?
2 for the IRA account and 5498 for the Roth account
What is movement between IRA to BOA checking back to the IRA accounts? How is it reported and it is taxable?
60 day rollover, reportable generally not taxable.
I took my RMD to help pay for some expenses dealing with my disability what code will I receive in box 7?
7
Which box is checked if the recipient of the distribution is NOT the beneficiary?
box 6
What code is not used for 1099SA?
code 3 disability
I took a QCD out of my IRA account, Why did I receive a 1099R and a code 7?
ML does not code for QCD's, will have to self report using the acknowledgement letter from the charity.
What is movement between ESA to 529 accounts? How is it reported and it is taxable?
Rollover, reportable generally not taxable.
Why did I received a code 4 in box 7?
processed a direct rollover of out deceased spouse account
or processed a spousal rollover
If I (participant) rollover my ESA to 529 with the same beneficiary who will get the 1099Q?
beneficiary
What will reflect the client has passed away?
box 4 showing the FVM of the account on the date of death