AmyC
Expert Alumni

Retirement tax questions

For someone younger, the goal is to determine if it is a regular payment for a certain time period (like early retirement) or was just some amount randomly taken and used. The goal of the question is to determine if a person needs to pay additional tax for early distributions. See About Form 5329, Additional Taxes on Qualified Plans - IRS.

On the bright side, you are over age 59 1/2 so these rules do not apply to you regardless of the situation or your answer. No need to amend. Yes would be a fine answer in your situation.

 

 

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