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- 1099-R Code W is showing up as taxable even when I put zero in box 2a - is that correct?
1099-R Code W is showing up as taxable even when I put zero in box 2a - is that correct?
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Mainecat
Level 3
03-11-2023
04:26 PM
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I have a 1099R with $100 in Box 1, $100 in Box 8 and zero in box 2a with a W in Box 7. I thought these were payments for purchasing qualified long term care ins and were nontaxable, but proseries is transferring the $100 from Box 1 to Form 1040 line 4b taxable IRA distributions. Am I missing a step or am I wrong and they are in fact taxable?
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Skylane
Level 11
03-11-2023
05:47 PM
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I agree that code w should not be included. It’s usually a charge against a policy for a rider like accelerated benefit. The insurer would be able to identify it. It’s a small amount so Id probably exclude it but let the client know it’s not certain.
If at first you don’t succeed…..find a workaround
