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taxofficeoffreep
Level 1
April 10, 2021
Question

1099 R showing code 1 M

  • April 10, 2021
  • 3 replies
  • 34 views

if a client has a 1099R showing code 1M from a employer he left  is it subject to the 10% penalty in 2020? Can I use the 3 year distribution advantage?

    This topic has been closed for replies.

    3 replies

    BobKamman
    BobKamman
    Level 15
    April 10, 2021

    M—Qualified plan loan offset.

    Did he leave for Covid-related reasons?

      qbteachmt
      qbteachmt
      Level 15
      April 10, 2021

      Did you read the Form 8915-E instructions? Because the IRS has all this info available to you:

      https://www.irs.gov/pub/irs-pdf/i8915e.pdf

       

      Don't yell at us; we're volunteers
        K
        klwtrask
        Level 2
        June 1, 2022

        ❤️One of the first CPA's I ever worked for would start every question I had with, "Did you read the instructions?" 

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