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jlk509
New Member

When entering the 1099R we cashed out the retirement plan due to lay off when the employer closed the facility in our state, do we qualify for a reduced tax?

 
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1 Reply
GiseleD
Expert Alumni

When entering the 1099R we cashed out the retirement plan due to lay off when the employer closed the facility in our state, do we qualify for a reduced tax?

Unfortunately, no. Please click here to see the exceptions to the 10% penalty on early distributions. 

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