Manager
Level 1
03-25-2022
05:24 PM
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TP is over 60 years, but the Proseries softwares calculates 10% penatly on the tax return. No is marked for form 5329
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Just-Lisa-Now-
Level 15
03-25-2022
05:27 PM
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whats the code in Box 7 of the 1099R?
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Manager
Level 1
03-25-2022
06:46 PM
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CODE 1
Manager
Level 1
03-25-2022
06:48 PM
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Even for TP over 72 years its calculating 10% penalties with code 1, which I think is not correct.
poolcleaner
Level 9
03-25-2022
07:15 PM
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Have your client make contact with the issuer of the 1099 since they have used the wrong code.
Another Former All Star
Manager
Level 1
03-25-2022
07:24 PM
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DOB is 1958 and code 1 reported on Form 1099-R.
qbteachmt
Level 15
03-26-2022
12:20 PM
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"10% penalty on early withdrawal of IRA"
Which type of account is this from? For instance, Roth and SIMPLE IRA have other rules regarding timeframes, not age.
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"Level Up" is a gaming function, not a real life function.
Jim-from-Ohio
Level 11
03-26-2022
12:25 PM
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Code L, Other