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:
| None |
| 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:
| None |
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.
The Internal Revenue Bulletin is produced and published by the Internal Revenue Service and contains IRS pronouncements affecting tax analysis under the Code and the Regulations, including but not limited to Revenue Procedures, Revenue Rulings, Notices and Announcements. Access the IRS site at https://www.irs.gov/help/irsgov-accessibility for information concerning accessibility of IRS materials. While every effort has been made to ensure that the IRB database files available through the TouchTax application are accurate, those using TouchTax for legal research should verify their results against the printed versions of the IRBs available from the IRS.