TAXPAYER RECEIVED $78,000 FOR A HARDSHIP DISTRIBUTION.
AN EARLY DISTRIBUTION.
THEY TOOK OUT $7,800 FOR FEDERAL WITHHOLDING TAXES
WHEN PREPARING THE RETURN PRO SERIES DID NOT POST THE
10% PENALTY.
WHY?
How old are they? Whats the code in Box 7 of the 1099R?
@mb70 wrote:TAXPAYER RECEIVED $78,000 FOR A HARDSHIP DISTRIBUTION.AN EARLY DISTRIBUTION.THEY TOOK OUT $7,800 FOR FEDERAL WITHHOLDING TAXESWHEN PREPARING THE RETURN PRO SERIES I DID NOT POST THE 10% PENALTY.WHY? - Because you did not understand all of the input for the return. Stay tuned and someone will give you really good hints.
WHEN PREPARING THE RETURN PRO SERIES I DID NOT POST THE
WHY? - Because you did not understand all of the input for the return.
Stay tuned and someone will give you really good hints.
It probably is subject to the 10% penalty, but you need to answer @Just-Lisa-Now- questions. Here is a link for you to research:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-hardship-distributi...
