client is taking a $55,000.00 early distribution from an IRA. $10,000.00 of this distribution will be used for First Time Home Buyer. How will the 1099-R be coded to avoid early withdrawal penalty on the $10,000.00?
It won't show up on the 1099. The investment company has no way of knowing how the money was spent so you will need to use form 5329 to make that indication.
It won't show up on the 1099. The investment company has no way of knowing how the money was spent so you will need to use form 5329 to make that indication.
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