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New Member
posted Jun 5, 2019 3:05:45 PM

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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1 Best answer
New Member
Jun 5, 2019 3:05:47 PM

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.


3 Replies
New Member
Jun 5, 2019 3:05:47 PM

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.


New Member
Jun 5, 2019 3:05:48 PM

so I DO check the box?

New Member
Mar 20, 2021 10:02:32 AM

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?