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1099 R

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Level 2

What code to use for early withdrawal from IRA for first home buyer if taxpayer eligible for non penalty withdraw  ?

 

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4 Replies 4
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Level 11

What code is in the box?

You still need to enter the amount for 1st time home buyer in Form 5329, line I to eliminate the penalty.

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Level 2

01

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Level 11

1 means early distribution, no exceptions to penalty. You need to enter the amount in Form 5329.

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Level 15
Level 15

Enter the 1099R exactly as its shown, then go over to the 5329 and fill in the appropriate box.


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