1099 R showing code 1 M

taxofficeoffreep · ‎04-10-2021

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?

BobKamman · ‎04-10-2021

M—Qualified plan loan offset.

Did he leave for Covid-related reasons?

qbteachmt · ‎04-10-2021

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

https://www.irs.gov/pub/irs-pdf/i8915e.pdf

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klwtrask · ‎06-01-2022

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

1099 R showing code 1 M

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