Internal Revenue Bulletin: 2004-2
January 12, 2004
Correction to Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Magnetically
Changes issued in December 2003 by Chief Counsel will impact the filing of Form 1099-R. These changes affect the Payee “B” Record, Distribution Code, positions 545 — 546. The descriptions for Code J, Q, and T, shown in the Publication 1220, have changed. If you have issued a Form 1099-R or (applicable substitute) for 2003 for a Roth IRA distribution, you may have to issue a corrected return based on the changes in the chart below.
|Distribution Codes||Explanations||*Used with code (if applicable)|
|J — Early distribution from a Roth IRA.||Use Code J for a distribution from a Roth IRA when Code Q and Code T do not apply.||5, 8, or P|
|Q — Qualified distribution from a Roth IRA||Use Code Q for a distribution from a Roth IRA if you know that the participant meets the 5-year holding period and:
|T — Roth IRA distribution, exception applies.||Use Code T for a distribution from a Roth IRA if you do not know if the 5-year holding period has been met but:
Also, for Codes 5, 8, and P, delete any reference to Codes T and/or Q shown in the Form 1099-R Distribution Code Chart 2003.
The above changes will appear in the 2004 revision of Publication 1220.
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