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I have assisted preparing returns for 3 years and now starting with my own clients this year. I have a person that takes care of his partner. His partner did not receive any income in 2024. My client paid all expenses for the year so I believe he qualifies for HOH. My question is do I put his partners info under dependent on 1040. First HOH in 3 years.
Also, my client is over 55, but under 59.5 and took and 1099-r early distribution. Box 7 has code 2. He would like to use rule 55 which I read up on this morning. Would I list Rule 55 as a statement or is there a specific area in proconnect that I need to list this under?
Thank you for any assistance you can provide.
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Is this an IRA distribution, 401(k), 403(b), pension? A public safety officer? When did your taxpayer leave that job (at what age)?
If an employer plan, does the summary plan description tell them about this option?
Is this from the most recent employer?
I found you a good article:
https://www.schwab.com/learn/story/retiring-early-5-key-points-about-rule-55
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