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My understanding is that the this year the penalty for Early IRA Withdrawal has been waived due to Covid.
In addition Ive already had 2 clients tell me that they were told that when they took out early distributions. Yet there is nothing on the 1099-R that indicates that and I cant find anything in the Exception section of Form 5329
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Please refer t the 3,000 posts about this subject already on the board. The form you're looking for will be ready soon as well as the update to the software.
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The penalty hasn't been waived due to COVID. You don't automatically receive a "get out of jail free card" regarding the 10% penalty. The waiving of the penalty only applies if you had a legit COVID reason to pull the money out.
Slava Ukraini!
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"and I cant find anything in the Exception section of Form 5329"
It's an "other" exception on that form.
Then, form 8915-E is used.
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