Retirement tax questions

MinhT1 · ‎March 10, 2025

1. There is no penalty. You only pay income tax on the earnings of $801.65.

2. In entering the form 1099-R with code PJ on your 2024 tax return, indicate that the form 1099-R is for year 2025. See attached shot.

3. I have edited my previous answer to read: On your 2024 tax return, answer that the 1099-R with code PJ is for 2025.

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