Clients received 1099-R for excess contributions. Gross amount is $800 and taxable amount is $50. Distribution code J ( early distribution ) and P (excess contribution). Questions:
1)Is this subject to the 10% penalty?
2)If so, is the entire amount of $850 subject to it?
3)If not, what code to I use to exclude it?
Thanks for the help.
1)Is this subject to the 10% penalty?
2)If so, is the entire amount of $850 subject to it?
3)If not, what code to I use to exclude it?
Thanks for the help.
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