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There is an exception to the early distribution penalty for 401k distributions for separation from service during or after the year when the plan participant reaches age 55.
So, if you turned 55 or older during 2017, your deemed distribution will not be subject to the penalty. If that is not the case, then your distribution code on the Form 1099-R may indicate that there is another exception that applies.
For more information, see Retirement Topics – Exceptions to Tax on Early Distributions
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