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annem63
Level 2
Jun 6, 2019 7:36 PM UTC
Solved

I am 56 and left a job in 2017. I cashed out my 401(k). Do I have to pay the early withdrawal penalty?

How do I file the form 5329 in turbo tax?
DoninGA
DoninGAAnswer
Level 15
Jun 6, 2019 7:36 PM UTC

No, there will not be an early withdrawal penalty.

Code 2 - Early distribution, exception applies (under age 59½).

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10 replies

DoninGA
Level 15
DoninGALevel 15
Level 15
Jun 6, 2019 7:36 PM UTC
What is the code in box 7 of the form 1099-R?
DoninGA
Level 15
DoninGALevel 15Answer
Level 15
Jun 6, 2019 7:36 PM UTC

No, there will not be an early withdrawal penalty.

Code 2 - Early distribution, exception applies (under age 59½).

annem63Author
Level 2
Jun 6, 2019 7:37 PM UTC
Ok. thank you
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