DanaB27
Expert Alumni

Retirement tax questions

Yes, it would be better to add a 2025 Form 1099-R now to avoid any potential charges.

 

Yes, the IRS will bill you for the accrued interest from 2021-2024 on the late payment of the 6% penalty.

 

Yes, the financial institute should be able to provide you with all the information.  Yes, it is important that you get the TIN information.

 

Yes, you can leave the remaining balance in the account. Yes, when the funds are withdrawn before 59 1/2 they would be taxable income since only the earnings are left in the account. The 10% early withdraw penalty would apply on the taxable amount. 

 

If you withdraw the funds after 59 1/12 then these would be Qualified Distributions and not taxable.

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