1099R


W

whitmandairy

I had someone to bring in two 1099R today. She received
them as part of her divorce settlement. In box 7 on one it
is coded 1, early distribution no exceptions, but the second
one is coded 2, exceptions apply. These are from two
different accounts from two different banks. I think that
the one that show an exceptions apply has to be wrong. How
would you handle this?? Figure the penalty on both??
Thanks, for your thought on this.

Sharon
 
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A

A.G. Kalman

I had someone to bring in two 1099R today. She received
them as part of her divorce settlement. In box 7 on one it
is coded 1, early distribution no exceptions, but the second
one is coded 2, exceptions apply. These are from two
different accounts from two different banks. I think that
the one that show an exceptions apply has to be wrong. How
would you handle this?? Figure the penalty on both??
Thanks, for your thought on this.
Assuming the distributions are the result of a QDRO, the
payments are not subject to the early withdrawal penalty.
Form 5329 exception code is 06.
 

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