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?
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1 Best answer
KatrinaB
Intuit Alumni
Jun 3, 2019 10:22:46 AM
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.
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.
KatrinaB
Intuit Alumni
Jun 3, 2019 10:22:46 AM
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.