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Retirement tax questions
If you were over age 59½ at the time of the distribution, the 2021 Form 1099-R reporting the return of contribution from the traditional IRA will have codes P and 7 (or code P by itself) instead of codes P and 1. Your age at the time determines whether or not any attributable earnings distributed with the returned contribution are subject to a 10% early-distribution penalty.
March 24, 2021
7:11 AM