If you qualify for an exception, but your IRA custodian inputs Code 1 in Box 7 of your 1099-R, your tax preparer must file IRS Form 5329 to override the Code 1 and claim the exception.

The two most important numbers on Form 1099-R are in boxes 1 and 2a. Box 1 includes the total amount of money that the financial institution distributed from your retirement account.

Note, though, that the old delayed filing dates remain unchanged for Forms 1099-MISC that do not report in box 7. In general, IRS Forms 1099 remind you that you earned interest, received a ...

If you hold foreign-stock funds in your account—or even US-focused funds that dabble in foreign securities—Box 7 of 1099-DIV depicts any foreign taxes paid on those holdings for the year prior.

Your Form 1099-R isn’t going to tell you what portion of that distribution isn’t taxable and if you report the gross distribution, you’ll likely be paying more tax than the law demands.

Despite COVID-19, the Internal Revenue Service is continuing forward with moving 1099-MISC Box 7, “Non-Employee Compensation” to a new form, the 1099-NEC. This is effective starting this tax year, ...

If you qualify for an exception, but your IRA custodian inputs Code 1 in Box 7 of your 1099-R, your tax preparer must file IRS Form 5329 to override the Code 1 and claim the exception.