Federal Taxes (20%) were taken out before we received cash from her 401K.
The distribution code reflecting on the 1099-r is "1" Shouldn't the distribution code reflect "2"?
Her plan administrator claims we are not being charged a 10% penalty. But it shows differently on Turbo Tax.
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No. Because your wife made the qualified plan distribution after age 55, there is an Exception to the early distribution 10% penalty.
No. Because your wife made the qualified plan distribution after age 55, there is an Exception to the early distribution 10% penalty.
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