TP is over 60 years, but the Proseries softwares calculates 10% penatly on the tax return. No is marked for form 5329
CODE 1
Even for TP over 72 years its calculating 10% penalties with code 1, which I think is not correct.
Have your client make contact with the issuer of the 1099 since they have used the wrong code.
Another Former All Star
DOB is 1958 and code 1 reported on Form 1099-R.
"10% penalty on early withdrawal of IRA"
Which type of account is this from? For instance, Roth and SIMPLE IRA have other rules regarding timeframes, not age.
Code L, Other
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