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Retirement tax questions
Thank You ThomasM125 for your information. I believe that the Payor should have ONLY coded box 7 with "M" since the taxpayer was separated from work & did have a payback contract with the employer to have payroll deductions for the loan payback. You are correct the "1" should only apply when the employee just flat out take an early distribution for no allowed exemption. Thanks again.
‎April 16, 2024
11:26 AM