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wayneburnham
New Member

Not eligible for exclusion for those over 59 1/2? I'm not familiar with 1099-R's and my father made a total withdrawal of his 401k at 61. I'm not sure if I check this box

 
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CathiM
New Member

Not eligible for exclusion for those over 59 1/2? I'm not familiar with 1099-R's and my father made a total withdrawal of his 401k at 61. I'm not sure if I check this box

Your father is eligible for the exclusion for those over 59 1/2. The distribution will NOT be subject to the 10% additional early distribution tax after participant/IRA owner reaches age 59½. Generally, the distribution will be taxable but he will not be penalized.


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3 Replies
CathiM
New Member

Not eligible for exclusion for those over 59 1/2? I'm not familiar with 1099-R's and my father made a total withdrawal of his 401k at 61. I'm not sure if I check this box

Your father is eligible for the exclusion for those over 59 1/2. The distribution will NOT be subject to the 10% additional early distribution tax after participant/IRA owner reaches age 59½. Generally, the distribution will be taxable but he will not be penalized.


wayneburnham
New Member

Not eligible for exclusion for those over 59 1/2? I'm not familiar with 1099-R's and my father made a total withdrawal of his 401k at 61. I'm not sure if I check this box

so I DO check the box?
nrivette8674
New Member

Not eligible for exclusion for those over 59 1/2? I'm not familiar with 1099-R's and my father made a total withdrawal of his 401k at 61. I'm not sure if I check this box

same, do you check the box that that says (Not eligible for exclusion for those over age 59 1/2) even though you should not get penalized?

 

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