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Announcement 2004-3

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Internal Revenue Bulletin:

2004-2 January 12, 2004

Announcement 2004-3


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:
  • The participant has reached age 59, or
  • The participant died, or
  • The participant is disabled.

Note:If any other codes, such as 5, 8, or P apply, use Code J.

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:
  • The participant has reached age 59, or
  • The participant died, or
  • The participant is disabled.

Note:If any other codes, such as 5, 8, or P apply, use Code J.

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.

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