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October 12, 2020
Question

TAXPAYER RECEIVED A DISTRIBUTION OF $78,000-HARDSHIP DISTRIBUTION

  • October 12, 2020
  • 3 replies
  • 12 views

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?

 

This topic has been closed for replies.

3 replies

Just-Lisa-Now-
Intuit Community Champion
October 12, 2020

How old are they?  Whats the code in Box 7 of the 1099R?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
George4Tacks
Level 15
October 12, 2020

@mb70 wrote:

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 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. 


 

Answers are easy. Questions are hard!
Intuit Community Champion
October 12, 2020

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-distributions