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1099 R showing code 1 M

if a client has a 1099R showing code 1M from a employer he left  is it subject to the 10% penalty in 2020? Can I use the 3 year distribution advantage?

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3 Comments 3
Level 15

M—Qualified plan loan offset.

Did he leave for Covid-related reasons?

Level 15

Did you read the Form 8915-E instructions? Because the IRS has all this info available to you:



"Level Up" is a gaming function, not a real life function.
Level 1

❤️One of the first CPA's I ever worked for would start every question I had with, "Did you read the instructions?"