turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts about Deciphering Your Tax Forms! >> Event happening TOMORROW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

tdkuujb
New Member

1099r has code 1, with drawl was made at 59.5 years of age.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
dmertz
Level 15

1099r has code 1, with drawl was made at 59.5 years of age.

If you had already reached age 59½ at the time of the distribution and the payer does not to issue a correction, you can report the taxable amount distributed as having an Other reason exception to the early-distribution penalty.  Your tax return will include Form 5329 Part I to claim this exception to the penalty.

(However, if code 1 after age 59½ is being used by the payer to indicate a busted 72(t) SEPP plan, you are subject to recapture of the penalties that had been previous excepted under reason code 02.)

View solution in original post

2 Replies

1099r has code 1, with drawl was made at 59.5 years of age.

Contact your plan administrator and get a corrected Form 1099-R if required.  They may not have your correct date of birth in their records
dmertz
Level 15

1099r has code 1, with drawl was made at 59.5 years of age.

If you had already reached age 59½ at the time of the distribution and the payer does not to issue a correction, you can report the taxable amount distributed as having an Other reason exception to the early-distribution penalty.  Your tax return will include Form 5329 Part I to claim this exception to the penalty.

(However, if code 1 after age 59½ is being used by the payer to indicate a busted 72(t) SEPP plan, you are subject to recapture of the penalties that had been previous excepted under reason code 02.)

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question