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IF I TAKE OUT A LOAN FROM MY RETIREMENT ACCOUNT AND GET A 1099-R WITH THE DISTRIBUTION CODE M1 IN BOX 7 WILL I HAVE TO PAY A PENALTY FOR EARLY WITHDRAWL?
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June 1, 2019
2:00 PM
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Retirement tax questions
A code is M1 in Box 7 indicates a early distribution and a qualified plan loan offset . If you are under the age of 59.5 years old you will be assessed the 10% penalty when your taxes are calculated.
June 1, 2019
2:00 PM