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.

Form 1099-R is an IRS tax form used to report distributions from annuities, profit-sharing plans, retirement plans, or insurance contracts. ... They are entered in Box 7 on the form.

The 1099-R form is packed with crucial information. The total distribution amount is shown in Box 1, indicating the total amount of money you received from your retirement plan during the tax year.

Common 1099s you might see: 1099-G, 1099-K, 1099-R, 1099-Div. Some of the most common 1099s you may receive: 1099-G: Details unemployment compensation, ...