April 20, 1990
TO: OPERATIONS MEMBERS NO. 13-90
PENSION MEMBERS NO. 18-90
TRANSFER AGENT ADVISORY COMMITTEE NO. 10-90
RE: CLARIFICATION OF NEW CODES ON FORMS W-2P AND 1099-R
__________________________________________________________
Attached is a copy of IRS Announcement 90-56, which
clarifies the recent revisions to Forms W-2P and 1099-R for 1990.
(See Institute Memorandum to Operations Members No. 34-89,
Pension Members No. 50-89, and Transfer Agent Advisory Committee
No. 30-89, dated November 22, 1989.)
The announcement clarifies that the new codes are intended
to disregard a rollover. As a result, distributions which do not
meet any exceptions provided under Sections 72(q), (t) or (v) of
the Code should be coded "Early (premature) distribution, no
known exception."
We will keep you informed of further developments.
W. Richard Mason
Assistant General Counsel
Attachment