If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You will have to register
before you can post: click the "Login or Sign Up" link above to proceed. To start viewing messages,
select the message that you want to visit.
Have a client that received a 1099R with a distribution code "S" which is "Early distribution from a Simple IRA in 1st 2 years-no known exception." Somebody advised that they are subject to 25% penalty instead of 10%. Anybody heard of this?
Yes, the 25% penalty is correct for a simple IRA w/drawal in the first two years. What did he use the money for? First time homebuyer? College expenses? Medical? One of the other exceptions to the penalty?
Comment