I received a 1099-R and Box 7 has a code 7. No fed. Or state tax was deducted. Do I still have to file and I don't work I get SS
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I received a 1099-R and Box 7 has a code 7. No fed. Or state tax was deducted. Do I still have to file and I don't work I get SS
The "7" code denotes it to be a normal distribution, so no Early Withdrawal Penalty applies.
However, you DO have to file, as the distribution IS probably taxable.
Even if it is NOT taxable (a Roth distribution would not be), it STILL must be reported.
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