Anonymous
Not applicable

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.