Hello

Question, Have a client that received a 1099R, Dist Code 1 - Early Dist checked. The form and money came from a life insurance company. When questioned, he said the company he worked for was bought out and they had a policy on him. So the new owners canceled the policy and the dollar value was paid to him.   He does not have any paperwork relating to the transaction. Given his age, it appears he is stuck with tax and penalty for early withdrawal.  Any opportunities to avoid the penalty?

Thanks