You'll need to sign in or create an account to connect with an expert.
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.)
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.)
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
tcgolden32
New Member
dmcgurn
New Member
stur
Returning Member
seniorcitz
New Member
MOSTUF
New Member