I have a person age 50 and in 09 the company he worked for closed. He received 50,000 gross distribution and spent the money. He did not roll over. The 1099r shows a code 1. Early distribution. Does anyone know if I can lower his tax burden. I feel that I must just include everything since he just took and spent the money .
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you might check 5329
list of exceptions to 10% penalty but it doesnt sound good for tp....
(candidate for an installment agreement?) -
you know, i can't feel sorry for someone who took out that much money and never called me to ask first how to handle. then, for him to just spend it, he must have known it would be taxable income ! he didn't care when he was spending the money so, why should you care now? sorry, my rant. i'm ok nowComment
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