Apr 8, 2010 – Welcome to the About Taxes forum. Join the conversation.

If an exception applies but distribution code “1” (early distribution, no known exception) is shown in box 7, you must file Form 5329. Enter the taxable amount of .

4 posts - 2 authors - Last post: Jan 25The 5329 instructions define code "12" as, "Other (see Other, below). Also, enter this code if more than one exception applies." So, I am .

11 posts - 4 authors - Last post: Mar 11, 2007It appears TT indicated it was OK to place both on one 5329 with the noted exception code 12 but I want to make so as to not create a problem. .

Oct 15, 2010 – If an exception applies and is not recorded in box 7, then you need to fill out Form 5329. 1099-R Box 7 Distribution Codes. The following is a list .

These codes identify the distribution you received: Early distribution, no known exception (in most cases, under age 59 1/2 ) (See Form 5329. For a rollover to a .

Oct 20, 2008 – Therefore, it is essential to know the rules & exceptions you have to . The additional tax on early 401k distributions is filed on Part 1 of IRS Form f5329 . of Funds - Penalties, Exceptions, IRS Rules & Distribution Codes for .

Note: The payer is not required to use the exception codes in all cases. . required to file IRS Form 5329 along with the tax return, in order to claim the exception. .

Exception Codes for Form 5329 Line 2. The following exception codes are to be used for Form 5329 Line 2 to inform the IRS that part or all of your retirement .

Code. 1 Early (premature) distribution, no known exception. (You are required to file IRS Form 5329, Additional Taxes on Qualified Plans and Other Tax-Favored .

Question - form 5329. I have 3 different exception reasons/ codes (medical. Find the answer to this and other Tax questions on JustAnswer.

Mar 20, 2009 – IRS Form 5329, Additional Taxes on Qualified Plans (Including IRAs) . code 1 is not shown in box 7 of Form 1099-R; Meets an exception to the .

The following six exceptions apply to distributions from any qualified . need to file Form 5329 if your distribution is subject to the tax and a distribution code of "1 " .

Feb 8, 2009 – Another question is, can we claim disablility even though the 1099Rs show code 1 and code J? On form 5329 line 2, it says to put on exception .

Part I, Line 2 of the form allows you to list a code indicating which exception to the penalty you are claiming. You can download IRS Form 5329 along with the .

Feb 18, 2004 – However, instead of using Code 2 in Box 7 of Form 1099-R, the issuer used Code 1, which means that no exception applies. This could lead .

However, if distribution code 1 is correctly shown in box 7 of all your .

In addition to the listed exceptions, it's important to note that it is not necessary to use form 5329 if distribution code "1" is correctly shown in box 7 of all 1099-R .

If additional taxes on qualified plans are payable, Form 5329 will be . . Penalty Exception Codes from the dropdown list only if Box 7 above has a Code "1", "5", .

Mar 14, 2009 – I agree with NYEA - it would be exception number 3 on form 5329, which for . It can be a fairly heavy burden to prove the Code 72 definition of .

Jan 29, 2008 – The following exception codes are to be used for Form 5329 Line 2 to inform the IRS that part or all of your retirement withdrawal is not subject .

Issue: TaxCut specifies the wrong form (Form 5329) in an Error Check error message about a line 2 early distribution exception code .

Sep 23, 2011 – Other exceptions apply to distributions from other qualified . not have to file Form 5329 if your Form 1099-R (PDF) shows distribution code "1" .

Jul 21, 2011 – Exceptions: There are several exceptions to the age 59½ rule. . The individual may also need to file Form 5329, Additional Taxes on Qualified . not need to be filed if Form 1099-R shows distribution code "1" or "J" in Box 7. .

Jul 15, 2011 – Early distribution, no known exception (in most cases, under age 59 1/2). See Form 5329, Additional Taxes on Qualified Plans (Including IRAs) .

Apr 5, 2010 – When using Form 5329 exception to 10% early withdrawal penalty code 8 stands for higher education expenses. Does the child you paid the .

an amount that is more than zero on Form 5329, line 1 (see Exception for . from a qualified retirement plan (other than a Roth IRA) and distribution code 1 is not .

2008 Federal Form 5329 Instructions available online and in PDF format. . You meet an exception to the tax on early distributions and distribution code 1 is .

You must file Form 5329 if any of the following apply. You received an early . .. ( see Other, below). Also, enter this code if more than one exception applies. .

Mar 10, 2010 – February, 2008 - I filed our 2007 tax return with a Form .

Nov 3, 2008 – There are exceptions. . on Form 1040 or on Form 5329 (pdf), depending on your particular tax situation. . Distribution Codes for 1099-R Box 7 .

Your former employer should place a Code 2 (Known Exception Exists) in Box 7 . have to complete IRS Form 5329 and place a Code 01 on Line 2 of that form. .

If an exception applies but distribution code "1" (early distribution, no known exception) is shown in box 7, you must file Form 5329. Enter the taxable amount of .

Feb 7, 2011 – Does code 9 for a penalty exception on the 5329 account for .

You will also need to enter the correct exception code. The codes are on the instructions for Form 5329, which can be found at the IRS website (see Resources .

If both you and your spouse are required to file Form 5329, complete a separate form for each of you. . But see Exception for Roth IRA Distributions on this page. . . Distributions incorrectly indicated as early distributions by code 1, J, or S in .

Mar 19, 2011 – when you entered the 1099R in TT there was a code in box 7. what was . 7 of form 1099-R are not related to the exception codes for form 5329 .

7 posts - 4 authors - Last post: Feb 11So I know she can take a 72(t)(2)(B) code 5 exception for $11000. . If using the 11000 to lower 5329 penalty can she also take these as .

Form 5329 for Early Dist. Started by cientax, Mar 25 2011 02:21 PM . I thought the exception codes for medical, education and first time home purchase .

21 posts - 10 authors - Last post: May 10The code in the 1099R is "01". Can he use Form 5329 Exception number "03" to .

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Feb 7, 2011 – Does code 9 for a penalty exception on the 5329 account for 10k per person (MFJ return) or per return?

3 posts - 3 authors - Last post: Apr 12, 2009Form 5329 Exception Code 05 Main Forum / Tax Discussion.

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