It's requiring an upgrade to Deluxe to complete Form 5329 for 401K distributions, however my 1099-R shows code 1 in Box 7 which I thought removes the need for this form.
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It's requiring an upgrade to Deluxe to complete Form 5329 for 401K distributions, however my 1099-R shows code 1 in Box 7 which I thought removes the need for this form.
It's requiring an upgrade to Deluxe to complete Form 5329 for 401K distributions, however my 1099-R shows code 1 in Box 7 which I thought removes the need for this form.
Code 1 in box 7 indicates - Early distribution, no known exception (in most cases, under age 59½).
Since you do not have an exception to the penalty you would owe a 10% early distribution penalty and the Form 5329 is required.
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