I made an early withdrawal from a public school retirement plan. My 1099-R shows a distribution code 1 - does this mean I don't have a 457 plan?
No. The distribution code indicates what type of withdrawal was made, not what type of retirement plan you had. The code number 1 indicates that you made an early withdrawal from your retirement account. Please view the TurboTax FAQ below for more information.
I made an early withdrawal from a public school retirement plan. My 1099-R shows a distribution code 1 - does this mean I don't have a 457 plan?
No. It means that in addition to the regular income tax you will pay on the amount in box 2, you will also pay an additional 10% early withdrawal penalty on that amount in box 2.
I made an early withdrawal from a public school retirement plan. My 1099-R shows a distribution code 1 - does this mean I don't have a 457 plan?
No. The distribution code indicates what type of withdrawal was made, not what type of retirement plan you had. The code number 1 indicates that you made an early withdrawal from your retirement account. Please view the TurboTax FAQ below for more information.
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