TomD8
Level 15

Retirement tax questions

What is the Code in Box 7 of your 1099-R?  Code 1 = early distribution.

 

Also, 59 1/2 means on or after the exact date you turned 59 1/2.  For example, if your 59th birthday was June 1st, then you attained age 59 1/2 on December 1st.   A distribution before December 1st would be considered "early".

**Answers are correct to the best of my ability but do not constitute tax or legal advice.