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What if a Form RRB-1099-R, railroad retirement, shows a code 1 for a 65 year old? Does he have to pay the 10% extra penalty?

Level 2

Because the code on form RRB-1099-R is 1, proseries is putting the early withdraw penalty of 10%.  The client is 65 years old.

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Level 15
Level 15

Where do you see a code on a RRB1099R?  Im looking at 2 different clients RRB1099R forms and I don't see any distribution code like a regular 1099R.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Level 15
Level 15

Where do you see a code on a RRB1099R?  Im looking at 2 different clients RRB1099R forms and I don't see any distribution code like a regular 1099R.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Level 2
the code is at the left top where the soc sec # is. It's the last number following the soc sec. it says code at top.
Level 15
Level 15
hmmmm….I'll have to look again when I'm in the office, I've always just marked them as Normal distribution.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15
Level 15
I only have 2 clients that get these from their ex or deceased husbands...I've never noticed the Payee code up by the Claim number, one has a 4 the other has a 1, both of these women are in their 70's, Ive always marked them as a Normal Distribution.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 3

Hi Lisa. My First RRB 1099. There is a payee code Next to claim # which is a 1. That doesn't make sense. 7 makes sense like you suggested but can you enter a 7 without it showing on form? 

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