ajuroff Posted April 8, 2008 Report Share Posted April 8, 2008 Client is 60 yrs. old. Factory he worked at shut down and he took a total distribution of his 401K. Under the "exceptions" on form 5329, Code 01 states: "Qualified retirement plan distributions (does not apply to IRAs) if you separated from service in or after the year you reach age 55 (age 50 for qualified public safety employees)" Would this qualify in this situation? Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 8, 2008 Report Share Posted April 8, 2008 Client is 60 yrs. old. Factory he worked at shut down and he took a total distribution of his 401K. Under the "exceptions" on form 5329, Code 01 states: "Qualified retirement plan distributions (does not apply to IRAs) if you separated from service in or after the year you reach age 55 (age 50 for qualified public safety employees)" Would this qualify in this situation? If he was 60 years old at the time of the distribution, what more are you looking for. He only has to pay Fed and state taxes ... no penalty. Quote Link to comment Share on other sites More sharing options...
ajuroff Posted April 8, 2008 Author Report Share Posted April 8, 2008 I guess I was looking for more and working too much. But thanks for your reply. Much appreciated! Quote Link to comment Share on other sites More sharing options...
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