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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.
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.
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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