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Do we have to pay a 10% penalty? My wife turned 55 in July 2017 and laid off October 2017. We cashed out her 401K. What about the Age 55 Rule?
Federal Taxes (20%) were taken out before we received cash from her 401K.
The distribution code reflecting on the 1099-r is "1" Shouldn't the distribution code reflect "2"?
Her plan administrator claims we are not being charged a 10% penalty. But it shows differently on Turbo Tax.
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‎June 6, 2019
8:22 AM