JOHNNYCPA
Level 3

in preparing 5329 exceptions.  I have client that withdrew $25,000 from 401k ( under 59.5 years) .  about $5,000 was used for emergency repair on his vehicle. Can I use up to $1,000 for emegency exception so that only $24,000 is hit with 10% penalty/

 

Thanks,

 

John

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