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Early IRA Distribution Exception - Disability
Posted on 7/8/22 at 10:14 am
Posted on 7/8/22 at 10:14 am
I have a client who will be taking early withdrawals from their IRA and must furnish proof to the IRS of their disability to avoid the 10% penalty.
While I continue to research, anyone ever done this? Do they provide proof before they start taking distributions? Do they wait until they file their taxes? I can see the rules everywhere, but none of the mechanics.
While I continue to research, anyone ever done this? Do they provide proof before they start taking distributions? Do they wait until they file their taxes? I can see the rules everywhere, but none of the mechanics.
1
Posted on 7/8/22 at 10:34 am to Niner
Show proof to ira administrator to get code 2 or 7 on 1099r.
If that doesnt work, when filing return, use code 3 on form 5329 to wipe out penalty. Simple as that. Just be sure to have proof if anyone asks.
If that doesnt work, when filing return, use code 3 on form 5329 to wipe out penalty. Simple as that. Just be sure to have proof if anyone asks.
Posted on 7/8/22 at 10:49 am to Tigerlandlegend2000
quote:Excellent. Thanks.
Show proof to ira administrator to get code 2 or 7 on 1099r.
If that doesnt work, when filing return, use code 3 on form 5329 to wipe out penalty. Simple as that. Just be sure to have proof if anyone asks.
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