Code 7 on Box 7 of the 1099-R tax form means Normal Distribution, states TurboTax. The normal distribution is for individuals who are older than 59-1/2, and the distribution does not have a penalty.
Codes for Box 7 of the 1099-R tax form include number or a letter in the alphabet, states the Prudential website. Some applicable codes include, but are not limited to:
- 1 - premature distributions without an exception
- 2 - premature distributions with an exception
- 4 - death
- D - net investment income
- F - charitable gift annuity
- J - early distribution from a Roth IRA
For a complete list of codes, visit the IRS, TurboTax or Prudential websites.